AustralianSuper Pty Ltd Acquires 91,591 Shares of Cadence Design Systems, Inc. $CDNS

AustralianSuper Pty Ltd raised its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 55.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 256,156 shares of the software maker’s stock after purchasing an additional 91,591 shares during the period. AustralianSuper Pty Ltd owned 0.09% of Cadence Design Systems worth $89,977,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Barrett & Company Inc. bought a new position in Cadence Design Systems during the 2nd quarter valued at approximately $31,000. Strategic Wealth Investment Group LLC purchased a new stake in shares of Cadence Design Systems in the second quarter worth $32,000. Promus Capital LLC bought a new position in shares of Cadence Design Systems during the second quarter valued at $33,000. Robbins Farley purchased a new position in shares of Cadence Design Systems in the 3rd quarter worth about $35,000. Finally, E Fund Management Hong Kong Co. Ltd. boosted its stake in Cadence Design Systems by 41.1% in the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 127 shares of the software maker’s stock worth $39,000 after purchasing an additional 37 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $340.00, for a total value of $6,800,000.00. Following the completion of the transaction, the chief executive officer directly owned 195,844 shares in the company, valued at $66,586,960. This represents a 9.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO John M. Wall sold 27,805 shares of the stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $318.57, for a total transaction of $8,857,838.85. Following the completion of the sale, the chief financial officer directly owned 69,957 shares of the company’s stock, valued at approximately $22,286,201.49. This trade represents a 28.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 62,025 shares of company stock valued at $20,369,946. 0.37% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CDNS has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. BNP Paribas Exane started coverage on shares of Cadence Design Systems in a report on Thursday, October 2nd. They set an “outperform” rating and a $400.00 price target on the stock. Wolfe Research restated an “outperform” rating and issued a $385.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $390.00 price objective on shares of Cadence Design Systems in a research report on Monday, December 22nd. Finally, Wells Fargo & Company increased their target price on Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. Thirteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus price target of $379.59.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $320.49 on Thursday. The company has a quick ratio of 2.84, a current ratio of 3.05 and a debt-to-equity ratio of 0.48. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $376.45. The firm has a market capitalization of $87.24 billion, a P/E ratio of 82.60, a PEG ratio of 3.55 and a beta of 1.02. The company has a 50-day moving average price of $317.96 and a 200-day moving average price of $333.28.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 27th. The software maker reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.14. The company had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.32 billion. Cadence Design Systems had a return on equity of 30.13% and a net margin of 20.35%.Cadence Design Systems’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.64 earnings per share. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

About Cadence Design Systems

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.