Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,245,930 shares of the software maker’s stock after purchasing an additional 8,361 shares during the period. Principal Financial Group Inc.’s holdings in Cadence Design Systems were worth $571,208,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Cadence Design Systems in the 4th quarter valued at $1,170,209,000. GAMMA Investing LLC boosted its stake in Cadence Design Systems by 31,049.1% in the first quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker’s stock valued at $309,835,000 after acquiring an additional 1,214,330 shares in the last quarter. Schroder Investment Management Group grew its holdings in shares of Cadence Design Systems by 53.1% during 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 increased its position 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 worth $2,397,266,000 after purchasing an additional 639,146 shares in the last quarter. Finally, Alliancebernstein L.P. increased its position 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 in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 0.5%

CDNS stock opened at $310.95 on Thursday. The stock has a market capitalization of $84.90 billion, a PE ratio of 78.72, a price-to-earnings-growth ratio of 4.29 and a beta of 0.99. The company has a fifty day moving average of $303.79 and a 200-day moving average of $286.69. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $329.45.

Cadence Design Systems (NASDAQ:CDNS) last posted 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. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the prior year, the company posted $1.17 earnings per share. The firm’s revenue for the quarter was up 23.1% on a year-over-year basis. As a group, analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, Director James D. Plummer sold 868 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the sale, the director directly owned 23,996 shares of the company’s stock, valued at $7,677,520.20. This trade represents a 3.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction on Friday, June 13th. The stock was sold at an average price of $302.00, for a total value of $302,000.00. Following the transaction, the vice president directly owned 106,499 shares in the company, valued at $32,162,698. This represents a 0.93% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,975 shares of company stock worth $5,808,237. 1.99% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on CDNS shares. Bank of America upped their target price on Cadence Design Systems from $320.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. Wells Fargo & Company increased their price objective on Cadence Design Systems from $350.00 to $365.00 and gave the company an “overweight” rating in a report on Friday, May 16th. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Finally, Robert W. Baird raised their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $325.23.

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.