Morningstar Investment Services LLC Takes $257,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Morningstar Investment Services LLC purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 942 shares of the software maker’s stock, valued at approximately $257,000.

Other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $1,141,059,000. Northern Trust Corp grew its holdings in shares of Cadence Design Systems by 5.6% during the third quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock worth $701,927,000 after buying an additional 158,031 shares in the last quarter. Invesco Ltd. raised its position in shares of Cadence Design Systems by 4.9% in the third quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock valued at $471,480,000 after buying an additional 93,984 shares during the last quarter. Nordea Investment Management AB lifted its stake in shares of Cadence Design Systems by 124.8% in the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after buying an additional 1,052,228 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in shares of Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after buying an additional 962,987 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Stock Down 0.4 %

Shares of CDNS opened at $294.42 on Friday. The company’s 50-day simple moving average is $291.75 and its 200-day simple moving average is $289.16. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. Cadence Design Systems, Inc. has a 1 year low of $217.77 and a 1 year high of $327.36. The stock has a market capitalization of $80.21 billion, a PE ratio of 76.67, a P/E/G ratio of 3.60 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last released its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.02 EPS. Analysts forecast that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO John M. Wall sold 21,700 shares of Cadence Design Systems stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $311.40, for a total value of $6,757,380.00. Following the completion of the transaction, the chief financial officer now owns 41,035 shares in the company, valued at approximately $12,778,299. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the transaction, the senior vice president now owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John M. Wall sold 21,700 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $311.40, for a total value of $6,757,380.00. Following the completion of the sale, the chief financial officer now owns 41,035 shares in the company, valued at $12,778,299. The disclosure for this sale can be found here. Insiders sold 102,125 shares of company stock valued at $31,043,057 in the last three months. 1.99% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Robert W. Baird raised their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Wells Fargo & Company boosted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Bank of America boosted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Finally, StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $331.11.

Read Our Latest Stock Analysis on CDNS

Cadence Design Systems Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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