Brown Brothers Harriman & Co. Boosts Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Brown Brothers Harriman & Co. raised its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 241,523 shares of the software maker’s stock after buying an additional 11,174 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Cadence Design Systems were worth $72,568,000 as of its most recent SEC filing.

Other hedge funds have also 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 worth about $1,170,209,000. Raymond James Financial Inc. purchased a new position in Cadence Design Systems in the fourth quarter worth about $171,991,000. Principal Financial Group Inc. lifted its stake in shares of Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after buying an additional 501,833 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $148,594,000. Finally, Proficio Capital Partners LLC purchased a new position in Cadence Design Systems in the 4th quarter worth approximately $129,546,000. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Trading Down 2.2 %

NASDAQ:CDNS opened at $256.69 on Friday. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99. The business has a fifty day moving average price of $274.55 and a 200-day moving average price of $284.19. The firm has a market capitalization of $70.36 billion, a price-to-earnings ratio of 66.50, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results 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 company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Ratings Changes

Several analysts have commented on CDNS shares. Redburn Atlantic started coverage on Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. Oppenheimer dropped their price objective on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 19th. Rosenblatt Securities upped their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Bank of America reduced their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Finally, Needham & Company LLC restated a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $324.83.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the transaction, the vice president now directly owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, 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 position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 101,021 shares of company stock worth $31,229,155. 1.99% of the stock is owned by corporate insiders.

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.