Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Nicholas Investment Partners LP

Nicholas Investment Partners LP grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,717 shares of the software maker’s stock after purchasing an additional 535 shares during the quarter. Cadence Design Systems makes up about 1.0% of Nicholas Investment Partners LP’s portfolio, making the stock its 26th biggest holding. Nicholas Investment Partners LP’s holdings in Cadence Design Systems were worth $10,069,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of CDNS. Norges Bank acquired a new position in Cadence Design Systems during the fourth quarter worth about $1,141,059,000. Swedbank AB acquired a new position in shares of Cadence Design Systems during the 1st quarter worth approximately $439,988,000. Principal Financial Group Inc. grew its position in shares of Cadence Design Systems by 280.1% in the second quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock valued at $467,676,000 after purchasing an additional 1,119,824 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Cadence Design Systems by 58.1% in the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after purchasing an additional 468,195 shares during the last quarter. Finally, Jennison Associates LLC lifted its position in Cadence Design Systems by 6.9% during the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after buying an additional 459,603 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on CDNS. Robert W. Baird cut their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Bank of America lifted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, August 6th. KeyCorp lifted their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Finally, Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $334.56.

Insider Transactions at Cadence Design Systems

In other news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the completion of the transaction, the vice president now owns 95,408 shares in the company, valued at approximately $29,179,582.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $309.09, for a total value of $463,635.00. Following the sale, the director now directly owns 48,051 shares in the company, valued at $14,852,083.59. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,613 shares of company stock valued at $10,701,156. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $264.72 on Thursday. The stock has a market capitalization of $72.12 billion, a price-to-earnings ratio of 68.94, a price-to-earnings-growth ratio of 2.98 and a beta of 1.02. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. The business has a 50-day moving average of $275.72 and a 200 day moving average of $292.03. Cadence Design Systems, Inc. has a 12 month low of $227.05 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.94 earnings per share. As a group, sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Cadence Design Systems Company 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.