Headlands Technologies LLC Purchases 3,451 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Headlands Technologies LLC boosted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 297.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,610 shares of the software maker’s stock after buying an additional 3,451 shares during the period. Headlands Technologies LLC’s holdings in Cadence Design Systems were worth $1,256,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CDNS. Nordea Investment Management AB boosted its stake in Cadence Design Systems by 124.8% during the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after buying an additional 1,052,228 shares during the last quarter. Wellington Management Group LLP raised its position in Cadence Design Systems by 143.3% during the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after purchasing an additional 962,987 shares during the period. Jennison Associates LLC raised its position in Cadence Design Systems by 8.7% during the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after purchasing an additional 564,085 shares during the period. Assenagon Asset Management S.A. raised its position in Cadence Design Systems by 261.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock valued at $169,022,000 after purchasing an additional 448,918 shares during the period. Finally, International Assets Investment Management LLC raised its position in Cadence Design Systems by 26,060.9% during the fourth quarter. International Assets Investment Management LLC now owns 278,090 shares of the software maker’s stock valued at $757,430,000 after purchasing an additional 277,027 shares during the period. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Trading Up 1.9 %

CDNS opened at $282.41 on Friday. The stock’s fifty day moving average is $303.85 and its two-hundred day moving average is $281.40. The company has a market capitalization of $76.85 billion, a P/E ratio of 73.54, a PEG ratio of 3.32 and a beta of 1.04. Cadence Design Systems, Inc. has a 52 week low of $198.92 and a 52 week high of $327.36. The company has a quick ratio of 1.13, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. Cadence Design Systems’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period last year, the business posted $1.02 EPS. Analysts forecast that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Piper Sandler decreased their price objective on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. KeyCorp increased their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Robert W. Baird increased their price target on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a report on Thursday, April 18th. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $326.11.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John M. Wall sold 2,700 shares of the stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $299.00, for a total value of $807,300.00. Following the sale, the chief financial officer now directly owns 76,552 shares in the company, valued at approximately $22,889,048. The disclosure for this sale can be found here. Insiders have sold 173,044 shares of company stock worth $52,231,207 in the last ninety days. 1.99% of the stock is owned by company insiders.

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.