Norges Bank Buys New Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Norges Bank bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 3,894,724 shares of the software maker’s stock, valued at approximately $1,170,209,000.

A number of other hedge funds also recently bought and sold shares of CDNS. Principal Financial Group Inc. increased its position in Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after acquiring an additional 501,833 shares during the period. Cerity Partners LLC lifted its position in shares of Cadence Design Systems by 27.9% in the 3rd quarter. Cerity Partners LLC now owns 15,225 shares of the software maker’s stock worth $4,126,000 after acquiring an additional 3,320 shares during the period. Larson Financial Group LLC grew its holdings in shares of Cadence Design Systems by 150.0% during the 3rd quarter. Larson Financial Group LLC now owns 500 shares of the software maker’s stock worth $136,000 after purchasing an additional 300 shares in the last quarter. Private Trust Co. NA increased its position in shares of Cadence Design Systems by 16.2% during the third quarter. Private Trust Co. NA now owns 733 shares of the software maker’s stock valued at $199,000 after purchasing an additional 102 shares during the period. Finally, D.A. Davidson & CO. increased its position in shares of Cadence Design Systems by 17.1% during the third quarter. D.A. Davidson & CO. now owns 1,644 shares of the software maker’s stock valued at $446,000 after purchasing an additional 240 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the transaction, the vice president now owns 58,123 shares in the company, valued at $14,689,425.79. This trade represents a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 101,021 shares of company stock valued at $31,229,155. Company insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on CDNS. Needham & Company LLC reissued a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a report on Wednesday, February 19th. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Robert W. Baird dropped their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Loop Capital decreased their price target on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Finally, Redburn Atlantic initiated coverage on Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $324.83.

Cadence Design Systems Stock Down 0.3 %

Shares of NASDAQ CDNS opened at $262.54 on Friday. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The company has a market cap of $71.96 billion, a price-to-earnings ratio of 68.02, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 12-month low of $230.09 and a 12-month high of $328.99. The firm’s 50-day simple moving average is $275.52 and its 200 day simple moving average is $284.16.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. On average, research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share 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.