Twin Capital Management Inc. Has $4.85 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Twin Capital Management Inc. trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,791 shares of the software maker’s stock after selling 358 shares during the quarter. Twin Capital Management Inc.’s holdings in Cadence Design Systems were worth $4,846,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. DekaBank Deutsche Girozentrale increased its stake in shares of Cadence Design Systems by 34.5% in the third quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock worth $91,775,000 after purchasing an additional 99,251 shares during the period. Miracle Mile Advisors LLC bought a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $934,000. Pacer Advisors Inc. grew its stake in shares of Cadence Design Systems by 9.4% in the fourth quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock worth $11,006,000 after acquiring an additional 3,484 shares during the last quarter. Patton Fund Management Inc. acquired a new position in Cadence Design Systems during the 4th quarter valued at $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc bought a new stake in Cadence Design Systems in the 4th quarter valued at $55,443,000. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Price Performance

Cadence Design Systems stock traded down $8.48 during mid-day trading on Thursday, hitting $285.23. 1,371,572 shares of the company were exchanged, compared to its average volume of 1,471,943. The company has a market capitalization of $77.65 billion, a PE ratio of 76.89, a price-to-earnings-growth ratio of 3.65 and a beta of 1.04. The business has a fifty day moving average of $306.58 and a 200 day moving average of $279.35. Cadence Design Systems, Inc. has a 1-year low of $194.01 and a 1-year high of $327.36. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The business had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the prior year, the firm earned $0.75 EPS. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.82 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Stifel Nicolaus increased their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. KeyCorp boosted their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Wednesday, March 6th. Finally, Robert W. Baird lifted their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $318.10.

Insider Transactions at Cadence Design Systems

In other news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The sale was disclosed in a document filed 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 firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the sale, the vice president now owns 156,156 shares in the company, valued at approximately $46,375,208.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the transaction, the senior vice president now owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 177,544 shares of company stock valued at $53,581,207. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Profile

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.