Czech National Bank Acquires 3,686 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Czech National Bank raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.6% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 59,466 shares of the software maker’s stock after acquiring an additional 3,686 shares during the quarter. Czech National Bank’s holdings in Cadence Design Systems were worth $17,867,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp grew its position in shares of Cadence Design Systems by 0.5% during the 3rd quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock worth $3,231,422,000 after buying an additional 60,490 shares in the last quarter. Jennison Associates LLC grew its position in shares of Cadence Design Systems by 2.7% during the 3rd quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker’s stock worth $2,061,502,000 after buying an additional 198,230 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Cadence Design Systems by 0.9% during the 3rd 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 buying an additional 37,452 shares in the last quarter. Nordea Investment Management AB grew its position in shares of Cadence Design Systems by 6.5% during the 4th quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock worth $885,356,000 after buying an additional 178,212 shares in the last quarter. Finally, Van ECK Associates Corp grew its position in shares of Cadence Design Systems by 26.1% during the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after buying an additional 572,251 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of recent research reports. Loop Capital started coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price target on the stock. Needham & Company LLC decreased their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Berenberg Bank started coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective for the company. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Finally, Robert W. Baird upped their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $329.50.

Insider Transactions at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John M. Wall sold 4,224 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total value of $1,305,342.72. Following the sale, the chief financial officer now directly owns 29,248 shares in the company, valued at approximately $9,038,509.44. This trade represents a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock worth $33,528,267 over the last three months. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Trading Down 2.2 %

Shares of NASDAQ:CDNS opened at $292.50 on Tuesday. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The stock has a market cap of $80.22 billion, a price-to-earnings ratio of 76.77, a PEG ratio of 4.16 and a beta of 1.04. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The business has a 50-day moving average price of $304.26 and a 200-day moving average price of $285.30.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period last year, the business posted $1.01 earnings per share. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. Equities analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

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.