Royal London Asset Management Ltd. Acquires 23,408 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Royal London Asset Management Ltd. raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 19.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 141,876 shares of the software maker’s stock after acquiring an additional 23,408 shares during the period. Royal London Asset Management Ltd. owned about 0.05% of Cadence Design Systems worth $43,662,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of CDNS. Norges Bank acquired a new position in Cadence Design Systems during the 4th quarter worth approximately $1,141,059,000. Swedbank AB bought a new position in Cadence Design Systems in the 1st quarter valued at approximately $439,988,000. Principal Financial Group Inc. lifted its stake in Cadence Design Systems by 280.1% in the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock valued at $467,676,000 after purchasing an additional 1,119,824 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in Cadence Design Systems by 58.1% in the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after purchasing an additional 468,195 shares during the last quarter. Finally, Jennison Associates LLC lifted its stake in Cadence Design Systems by 6.9% in the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after purchasing an additional 459,603 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 1.2 %

CDNS opened at $255.85 on Wednesday. Cadence Design Systems, Inc. has a twelve month low of $227.05 and a twelve month high of $328.99. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The company has a fifty day moving average of $276.73 and a 200-day moving average of $292.22. The stock has a market cap of $70.06 billion, a PE ratio of 66.63, a price-to-earnings-growth ratio of 2.98 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the prior year, the company posted $0.94 earnings per share. Cadence Design Systems’s revenue for the quarter was up 8.6% compared to the same quarter last year. On average, sell-side analysts predict that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $309.09, for a total value of $463,635.00. Following the completion of the sale, the director now directly owns 48,051 shares in the company, valued at $14,852,083.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 on Friday, June 14th. The shares were sold at an average price of $309.09, for a total value of $463,635.00. Following the completion of the sale, the director now directly owns 48,051 shares in the company, valued at $14,852,083.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $307.75, for a total transaction of $184,650.00. Following the transaction, the senior vice president now owns 19,280 shares of the company’s stock, valued at $5,933,420. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,613 shares of company stock worth $10,701,156. 1.99% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Bank of America increased their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Robert W. Baird dropped their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Finally, KeyCorp raised their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $334.56.

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.