Ossiam Has $60.71 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ossiam boosted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 54.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 202,065 shares of the software maker’s stock after acquiring an additional 71,235 shares during the period. Cadence Design Systems accounts for 2.0% of Ossiam’s investment portfolio, making the stock its 20th biggest holding. Ossiam’s holdings in Cadence Design Systems were worth $60,712,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in CDNS. Vanguard Group Inc. increased its position in Cadence Design Systems by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock worth $7,784,674,000 after buying an additional 201,340 shares during the period. Jennison Associates LLC grew its position in Cadence Design Systems by 5.3% in the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after purchasing an additional 404,076 shares during the last quarter. FMR LLC raised its position in shares of Cadence Design Systems by 8.7% during the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after buying an additional 639,146 shares during the last quarter. Geode Capital Management LLC grew its position in Cadence Design Systems by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker’s stock worth $1,806,019,000 after buying an additional 135,251 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of Cadence Design Systems by 12.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock worth $1,705,469,000 after acquiring an additional 632,175 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CDNS shares. Robert W. Baird reduced their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 price target for the company. Piper Sandler increased their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Mizuho lowered their price target on Cadence Design Systems from $350.00 to $300.00 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, Loop Capital lowered their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $320.67.

Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the transaction, the vice president now directly owns 58,123 shares in the company, valued at $14,689,425.79. This trade represents a 1.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 1,950 shares of company stock worth $518,499 over the last ninety days. Company insiders own 0.37% of the company’s stock.

Cadence Design Systems Stock Up 0.4 %

Shares of CDNS opened at $260.22 on Friday. The business’s fifty day moving average price is $257.23 and its two-hundred day moving average price is $282.03. The firm has a market capitalization of $71.38 billion, a price-to-earnings ratio of 67.41, a PEG ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. On average, analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.