Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Position Increased by Franklin Resources Inc.

Franklin Resources Inc. increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,975,819 shares of the software maker’s stock after acquiring an additional 3,612 shares during the period. Franklin Resources Inc.’s holdings in Cadence Design Systems were worth $810,524,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CDNS. Norges Bank acquired a new position in shares of Cadence Design Systems in the 4th quarter worth $1,141,059,000. Nordea Investment Management AB raised its holdings in Cadence Design Systems by 124.8% during the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after buying an additional 1,052,228 shares during the period. Wellington Management Group LLP lifted its stake 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 buying an additional 962,987 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Cadence Design Systems by 261.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock worth $169,022,000 after buying an additional 448,918 shares during the period. Finally, International Assets Investment Management LLC increased its position in shares of Cadence Design Systems by 26,060.9% in the fourth quarter. International Assets Investment Management LLC now owns 278,090 shares of the software maker’s stock worth $757,430,000 after acquiring an additional 277,027 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Transactions at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $309.16, for a total value of $463,740.00. Following the transaction, the director now owns 51,683 shares of the company’s stock, valued at $15,978,316.28. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the sale, the vice president now owns 61,150 shares in the company, valued at $18,583,485. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $309.16, for a total transaction of $463,740.00. Following the transaction, the director now owns 51,683 shares of the company’s stock, valued at $15,978,316.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 109,298 shares of company stock worth $33,247,394. 0.62% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Up 1.3 %

CDNS stock traded up $3.66 during trading hours on Monday, hitting $292.47. The company’s stock had a trading volume of 1,044,890 shares, compared to its average volume of 1,533,791. The stock has a 50 day moving average price of $297.52 and a two-hundred day moving average price of $286.05. Cadence Design Systems, Inc. has a 12 month low of $203.13 and a 12 month high of $327.36. The company has a market capitalization of $79.59 billion, a PE ratio of 75.21, a price-to-earnings-growth ratio of 3.40 and a beta of 1.06. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. Cadence Design Systems’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.02 earnings per share. On average, equities research analysts expect that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CDNS shares. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Stifel Nicolaus lifted their price target on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. KeyCorp lifted their target price on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $326.11.

Cadence Design Systems Company 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.