Handelsbanken Fonder AB Raises Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Handelsbanken Fonder AB boosted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 28.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 80,502 shares of the software maker’s stock after acquiring an additional 17,797 shares during the period. Handelsbanken Fonder AB’s holdings in Cadence Design Systems were worth $21,926,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Highview Capital Management LLC DE lifted its position in Cadence Design Systems by 0.8% during the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock valued at $1,411,000 after acquiring an additional 39 shares during the period. BSW Wealth Partners lifted its position in Cadence Design Systems by 2.8% during the 4th quarter. BSW Wealth Partners now owns 1,624 shares of the software maker’s stock valued at $442,000 after acquiring an additional 44 shares during the period. Lindbrook Capital LLC lifted its position in Cadence Design Systems by 2.5% during the 3rd quarter. Lindbrook Capital LLC now owns 1,844 shares of the software maker’s stock valued at $432,000 after acquiring an additional 45 shares during the period. Savant Capital LLC lifted its position in Cadence Design Systems by 2.7% during the 3rd quarter. Savant Capital LLC now owns 1,733 shares of the software maker’s stock valued at $406,000 after acquiring an additional 45 shares during the period. Finally, First Trust Direct Indexing L.P. lifted its position in Cadence Design Systems by 1.0% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 4,658 shares of the software maker’s stock valued at $1,091,000 after acquiring an additional 47 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Up 1.7 %

CDNS stock opened at $285.02 on Tuesday. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. Cadence Design Systems, Inc. has a twelve month low of $194.01 and a twelve month high of $327.36. The stock has a market capitalization of $77.59 billion, a price-to-earnings ratio of 74.61, a price-to-earnings-growth ratio of 3.41 and a beta of 1.04. The firm’s fifty day simple moving average is $305.09 and its two-hundred day simple moving average is $280.73.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The business’s revenue was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.02 earnings per share. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 4.81 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the transaction, the director now directly owns 50,183 shares in the company, valued at $15,498,015.89. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the transaction, the senior vice president now directly owns 21,080 shares in the company, valued at approximately $6,544,496.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the transaction, the director now owns 50,183 shares in the company, valued at $15,498,015.89. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 177,544 shares of company stock worth $53,581,207. Insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the subject of several recent analyst reports. Wells Fargo & Company lifted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Robert W. Baird lifted their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a report on Thursday, April 18th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Monday. KeyCorp lifted their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Finally, StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Tuesday, April 16th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $318.10.

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.