Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by BNP Paribas

BNP Paribas boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,575 shares of the software maker’s stock after purchasing an additional 748 shares during the period. BNP Paribas’ holdings in Cadence Design Systems were worth $1,980,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new stake in Cadence Design Systems during the 4th quarter worth about $1,170,209,000. Schroder Investment Management Group raised its stake in shares of Cadence Design Systems by 53.1% in the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock worth $623,105,000 after purchasing an additional 716,041 shares during the last quarter. FMR LLC boosted its position in Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after buying an additional 639,146 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Cadence Design Systems by 12.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock worth $1,705,469,000 after buying an additional 632,175 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in Cadence Design Systems by 25.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker’s stock valued at $882,655,000 after acquiring an additional 601,834 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 2.8 %

Shares of Cadence Design Systems stock opened at $308.15 on Friday. The firm has a market capitalization of $84.53 billion, a PE ratio of 79.83, a P/E/G ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $328.99. The firm’s 50-day moving average price is $258.32 and its 200 day moving average price is $282.94. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. The business’s revenue was up 23.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.17 earnings per share. On average, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of the stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the completion of the sale, the director now owns 7,411 shares of the company’s stock, valued at approximately $2,038,025. This trade represents a 2.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Scannell sold 4,710 shares of the business’s stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total value of $1,413,000.00. Following the transaction, the vice president now directly owns 28,442 shares in the company, valued at $8,532,600. This trade represents a 14.21 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,840 shares of company stock valued at $1,980,999. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on CDNS shares. Mizuho raised their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. Oppenheimer decreased their price objective on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a report on Wednesday, March 19th. Needham & Company LLC reiterated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Tuesday, April 29th. Redburn Atlantic initiated coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective on the stock. Finally, Piper Sandler boosted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $322.54.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.