Principal Financial Group Inc. Has $672.30 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Principal Financial Group Inc. grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,237,569 shares of the software maker’s stock after acquiring an additional 216,075 shares during the quarter. Principal Financial Group Inc. owned 0.82% of Cadence Design Systems worth $672,300,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Nisa Investment Advisors LLC lifted its holdings in Cadence Design Systems by 132.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after purchasing an additional 79,268 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in Cadence Design Systems by 48.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after acquiring an additional 310,250 shares during the last quarter. Avanza Fonder AB bought a new position in Cadence Design Systems during the fourth quarter valued at approximately $6,046,000. Caisse DE Depot ET Placement DU Quebec bought a new position in Cadence Design Systems during the third quarter valued at approximately $24,026,000. Finally, Zhang Financial LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $381,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CFO John M. Wall sold 4,224 shares of the business’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 completion of the sale, the chief financial officer now directly owns 29,248 shares of the company’s stock, valued at approximately $9,038,509.44. The trade was a 12.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 108,416 shares of company stock worth $33,538,875. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $295.19 on Monday. The company has a market cap of $80.96 billion, a PE ratio of 77.48, a price-to-earnings-growth ratio of 3.50 and a beta of 1.03. The stock’s 50 day simple moving average is $303.30 and its 200-day simple moving average is $286.43. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CDNS shares. Redburn Atlantic started coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. Needham & Company LLC lowered their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Wells Fargo & Company started coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target for the company. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Mizuho lifted their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $326.08.

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.