Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Position Raised by Forsta AP Fonden

Forsta AP Fonden raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 15.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 71,100 shares of the software maker’s stock after purchasing an additional 9,500 shares during the period. Forsta AP Fonden’s holdings in Cadence Design Systems were worth $19,270,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CDNS. Brookstone Capital Management raised its stake in shares of Cadence Design Systems by 15.4% during the 1st quarter. Brookstone Capital Management now owns 1,037 shares of the software maker’s stock worth $323,000 after purchasing an additional 138 shares in the last quarter. Wealthcare Advisory Partners LLC raised its stake in shares of Cadence Design Systems by 4.5% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after purchasing an additional 41 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Cadence Design Systems by 110.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 27,924 shares of the software maker’s stock worth $8,692,000 after purchasing an additional 14,644 shares in the last quarter. 180 Wealth Advisors LLC purchased a new stake in shares of Cadence Design Systems during the 1st quarter worth about $207,000. Finally, Hennion & Walsh Asset Management Inc. increased its holdings in shares of Cadence Design Systems by 27.4% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 3,845 shares of the software maker’s stock valued at $1,197,000 after acquiring an additional 827 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

CDNS opened at $257.30 on Friday. The firm has a market capitalization of $70.45 billion, a P/E ratio of 66.49, a price-to-earnings-growth ratio of 3.03 and a beta of 1.02. The stock’s 50 day moving average price is $267.42 and its two-hundred day moving average price is $282.69. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a 12-month low of $228.66 and a 12-month high of $328.99.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CDNS shares. Oppenheimer started coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective on the stock. Needham & Company LLC reissued a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a report on Tuesday, August 6th. Mizuho started coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price objective on the stock. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, October 7th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $323.42.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the sale, the vice president now owns 65,194 shares in the company, valued at approximately $17,357,250.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the sale, the director now owns 42,051 shares in the company, valued at approximately $11,928,186.66. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the sale, the vice president now owns 65,194 shares of the company’s stock, valued at $17,357,250.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,347 shares of company stock worth $7,728,272. 1.99% of the stock is currently 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.