Janus Henderson Group PLC Has $760.31 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Janus Henderson Group PLC boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.7% in the fourth quarter, Holdings Channel.com reports. The firm owned 2,530,293 shares of the software maker’s stock after purchasing an additional 285,617 shares during the quarter. Janus Henderson Group PLC’s holdings in Cadence Design Systems were worth $760,314,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CDNS. Oppenheimer lowered their target price on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research report on Wednesday, March 19th. Piper Sandler upped their target price on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Redburn Atlantic started coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price target for the company. Bank of America upped their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. Finally, Mizuho lifted their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $322.54.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 10,737 shares of the business’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the completion of the sale, the chief executive officer now directly owns 209,548 shares of the company’s stock, valued at $64,959,880. The trade was a 4.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $303.00, for a total transaction of $196,950.00. Following the completion of the sale, the vice president now owns 108,149 shares in the company, valued at $32,769,147. This represents a 0.60 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,577 shares of company stock worth $5,316,411. 0.37% of the stock is owned by corporate insiders.

Cadence Design Systems Price Performance

CDNS stock opened at $305.78 on Friday. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $328.99. The stock has a market capitalization of $83.49 billion, a PE ratio of 79.22, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. The company’s 50-day moving average is $264.34 and its 200-day moving average is $284.76. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

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

Cadence Design Systems 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.