Cadence Design Systems, Inc. $CDNS Shares Purchased by BI Asset Management Fondsmaeglerselskab A S

BI Asset Management Fondsmaeglerselskab A S raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 66.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,570 shares of the software maker’s stock after purchasing an additional 8,631 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Cadence Design Systems were worth $7,577,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Robbins Farley purchased a new position in Cadence Design Systems during the 3rd quarter valued at about $35,000. Cloud Capital Management LLC acquired a new stake in shares of Cadence Design Systems during the third quarter worth about $35,000. Strategic Wealth Investment Group LLC purchased a new position in shares of Cadence Design Systems in the second quarter valued at approximately $32,000. Promus Capital LLC purchased a new position in shares of Cadence Design Systems in the second quarter valued at approximately $33,000. Finally, Heartwood Wealth Advisors LLC acquired a new position in shares of Cadence Design Systems in the third quarter valued at approximately $39,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 20,000 shares of the firm’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 transaction of $6,800,000.00. Following the sale, the chief executive officer owned 195,844 shares of the company’s stock, valued at approximately $66,586,960. This trade represents a 9.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Scannell sold 5,490 shares of the company’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $339.43, for a total transaction of $1,863,470.70. Following the completion of the transaction, the vice president owned 20,321 shares of the company’s stock, valued at approximately $6,897,557.03. The trade was a 21.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 56,475 shares of company stock valued at $18,505,486 over the last 90 days. Insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the subject of several recent research reports. KeyCorp reissued an “overweight” rating and issued a $405.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Wells Fargo & Company lifted their target price on Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Oppenheimer raised Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 target price for the company in a research note on Monday, December 1st. Wolfe Research reaffirmed an “outperform” rating and issued a $385.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Cadence Design Systems in a research report on Monday, December 29th. Thirteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus price target of $379.59.

Cadence Design Systems Stock Down 0.5%

Shares of NASDAQ CDNS opened at $270.14 on Friday. The business has a 50-day moving average of $315.46 and a two-hundred day moving average of $331.74. The company has a market capitalization of $73.53 billion, a price-to-earnings ratio of 69.62, a price-to-earnings-growth ratio of 3.03 and a beta of 1.01. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $376.45. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.84.

Cadence Design Systems Profile

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.