Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Midwest Professional Planners LTD.

Midwest Professional Planners LTD. boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 3,526 shares of the software maker’s stock after purchasing an additional 293 shares during the quarter. Midwest Professional Planners LTD.’s holdings in Cadence Design Systems were worth $1,059,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in CDNS. State Street Corp boosted its stake in 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 purchasing an additional 60,490 shares during the last quarter. Jennison Associates LLC boosted its stake in Cadence Design Systems by 5.3% during the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after purchasing an additional 404,076 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in 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 purchasing an additional 37,452 shares during the last quarter. Nordea Investment Management AB boosted its stake in 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 purchasing an additional 178,212 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its position in shares of Cadence Design Systems by 3.6% during the 3rd quarter. Janus Henderson Group PLC now owns 2,244,676 shares of the software maker’s stock valued at $608,373,000 after acquiring an additional 77,246 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 1.0 %

Shares of NASDAQ:CDNS opened at $241.56 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The firm has a market capitalization of $66.21 billion, a PE ratio of 62.58, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The firm’s 50-day moving average is $283.65 and its two-hundred day moving average is $284.26. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target on the stock. Loop Capital reduced their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Mizuho boosted their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Needham & Company LLC restated a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a report on Wednesday, February 19th. Finally, Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average price target of $326.92.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction that occurred on 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 directly owns 55,874 shares of the company’s stock, valued at $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the transaction, the vice president now directly owns 58,123 shares of the company’s stock, valued at $14,689,425.79. This trade represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 105,245 shares of company stock worth $32,534,498. Company insiders own 0.62% of the company’s stock.

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.