Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Northwestern Mutual Wealth Management Co.

Northwestern Mutual Wealth Management Co. boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.8% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 27,929 shares of the software maker’s stock after buying an additional 1,523 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Cadence Design Systems were worth $8,595,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Cadence Design Systems by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after acquiring an additional 437,101 shares during the last quarter. Jennison Associates LLC increased 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 purchasing an additional 459,603 shares during the last quarter. Legal & General Group Plc raised its stake in Cadence Design Systems by 1.8% during the second quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker’s stock worth $772,187,000 after purchasing an additional 43,654 shares during the period. Van ECK Associates Corp boosted its holdings in shares of Cadence Design Systems by 10.5% in the 2nd quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock valued at $675,731,000 after purchasing an additional 209,301 shares during the last quarter. Finally, Nordea Investment Management AB increased its holdings in shares of Cadence Design Systems by 7.7% during the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock worth $636,172,000 after buying an additional 145,351 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

CDNS opened at $263.32 on Wednesday. Cadence Design Systems, Inc. has a 52-week low of $227.77 and a 52-week high of $328.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The stock has a 50-day moving average of $266.72 and a 200-day moving average of $288.42. The company has a market cap of $71.73 billion, a PE ratio of 68.57, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results 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. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the prior year, the firm earned $0.94 EPS. The business’s revenue was up 8.6% on a year-over-year basis. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, SVP Karna Nisewaner sold 659 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $181,870.82. Following the completion of the transaction, the senior vice president now directly owns 16,029 shares of the company’s stock, valued at $4,423,683.42. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, SVP Karna Nisewaner sold 659 shares of Cadence Design Systems stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $181,870.82. Following the completion of the sale, the senior vice president now directly owns 16,029 shares of the company’s stock, valued at $4,423,683.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Monday, July 15th. The stock was sold at an average price of $314.57, for a total transaction of $471,855.00. Following the transaction, the director now directly owns 46,551 shares in the company, valued at $14,643,548.07. The disclosure for this sale can be found here. Insiders have sold a total of 27,672 shares of company stock worth $7,590,312 over the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CDNS shares. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, August 6th. Robert W. Baird decreased their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research report on Tuesday, August 6th. Oppenheimer began coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target for the company. Finally, Needham & Company LLC reissued a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $323.60.

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.