Swedbank AB Buys 80,350 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Swedbank AB increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,834,164 shares of the software maker’s stock after buying an additional 80,350 shares during the period. Cadence Design Systems accounts for approximately 0.7% of Swedbank AB’s investment portfolio, making the stock its 27th biggest holding. Swedbank AB owned about 0.67% of Cadence Design Systems worth $551,093,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Missouri Trust & Investment Co bought a new stake in shares of Cadence Design Systems during the third quarter valued at approximately $27,000. MidAtlantic Capital Management Inc. acquired a new stake in Cadence Design Systems in the 3rd quarter valued at $28,000. Versant Capital Management Inc increased its stake in Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after purchasing an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC raised its holdings in Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after buying an additional 60 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its stake in shares of Cadence Design Systems by 30.3% in the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after buying an additional 47 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on CDNS. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. Robert W. Baird raised their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Needham & Company LLC decreased their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. 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 price objective on the stock. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $329.50.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the sale, the vice president now owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. This represents a 1.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock valued at $33,528,267 over the last three months. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Stock Performance

Cadence Design Systems stock traded down $5.18 during trading on Wednesday, hitting $294.12. The stock had a trading volume of 132,253 shares, compared to its average volume of 1,557,558. 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 stock’s 50 day moving average is $306.04 and its two-hundred day moving average is $284.61. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The stock has a market cap of $80.66 billion, a price-to-earnings ratio of 77.32, a price-to-earnings-growth ratio of 3.70 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share 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 company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the company earned $1.01 EPS. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, analysts predict that Cadence Design Systems, Inc. will post 4.75 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.