Taikang Asset Management Hong Kong Co Ltd Has $7 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Taikang Asset Management Hong Kong Co Ltd reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 50.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,302 shares of the software maker’s stock after selling 23,302 shares during the quarter. Cadence Design Systems accounts for 1.0% of Taikang Asset Management Hong Kong Co Ltd’s investment portfolio, making the stock its 26th biggest holding. Taikang Asset Management Hong Kong Co Ltd’s holdings in Cadence Design Systems were worth $7,001,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Cadence Design Systems by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock valued at $7,784,674,000 after buying an additional 201,340 shares during the period. State Street Corp increased its holdings in shares of Cadence Design Systems by 0.5% in the 3rd quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock valued at $3,231,422,000 after purchasing an additional 60,490 shares during the period. Jennison Associates LLC lifted its position in shares of Cadence Design Systems by 5.3% in the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after purchasing an additional 404,076 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Cadence Design Systems by 0.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker’s stock worth $1,081,098,000 after purchasing an additional 37,452 shares during the period. Finally, Nordea Investment Management AB increased its stake in Cadence Design Systems by 6.5% in the 4th quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock valued at $885,356,000 after buying an additional 178,212 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several research analyst reports. Rosenblatt Securities boosted their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Mizuho boosted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Redburn Atlantic began coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. Finally, Piper Sandler raised their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $324.83.

Insider Transactions at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the sale, the vice president now directly owns 59,311 shares in the company, valued at $18,080,365.24. The trade was a 1.08 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 101,021 shares of company stock worth $31,229,155. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $267.15 on Tuesday. The firm has a market capitalization of $73.23 billion, a PE ratio of 69.21, a PEG ratio of 3.88 and a beta of 1.05. 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, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99. The firm’s fifty day simple moving average is $277.50 and its 200 day simple moving average is $284.31.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

About Cadence Design Systems

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.