Bridges Investment Management Inc. Makes New Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bridges Investment Management Inc. acquired a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 72,572 shares of the software maker's stock, valued at approximately $19,669,000.

Several other large investors have also added to or reduced their stakes in the business. ORG Partners LLC raised its stake in shares of Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker's stock worth $28,000 after purchasing an additional 82 shares in the last quarter. Chilton Capital Management LLC lifted its stake in Cadence Design Systems by 244.0% in the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker's stock valued at $53,000 after acquiring an additional 122 shares during the last quarter. Larson Financial Group LLC grew its position in shares of Cadence Design Systems by 159.7% in the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker's stock valued at $62,000 after acquiring an additional 123 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Cadence Design Systems during the 2nd quarter worth about $69,000. Finally, Opal Wealth Advisors LLC bought a new stake in shares of Cadence Design Systems in the 2nd quarter valued at about $77,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CDNS shares. Needham & Company LLC reduced their price target on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating for the company in a report on Tuesday, October 29th. Oppenheimer assumed coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They set an "underperform" rating and a $225.00 target price for the company. Rosenblatt Securities reaffirmed a "neutral" rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Mizuho started coverage on shares of Cadence Design Systems in a report on Tuesday, October 22nd. They issued an "outperform" rating and a $325.00 price objective on the stock. Finally, Robert W. Baird raised their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 29th. One 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 currently has a consensus rating of "Moderate Buy" and a consensus target price of $323.17.

Insider Transactions at Cadence Design Systems

In related news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total value of $2,763,600.00. Following the transaction, the vice president now directly owns 95,408 shares of the company's stock, valued at $26,366,954.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.24, for a total value of $414,360.00. Following the transaction, the director now owns 45,051 shares in the company, valued at $12,444,888.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Chin-Chi Teng sold 10,000 shares of the business's stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.36, for a total value of $2,763,600.00. Following the transaction, the vice president now directly owns 95,408 shares of the company's stock, valued at approximately $26,366,954.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,347 shares of company stock valued at $7,734,616. Company insiders own 1.99% of the company's stock.

Cadence Design Systems Price Performance

NASDAQ:CDNS traded down $0.47 during trading hours on Friday, reaching $301.25. 1,242,846 shares of the company were exchanged, compared to its average volume of 2,526,059. The company has a market capitalization of $82.62 billion, a P/E ratio of 79.07, a P/E/G ratio of 3.63 and a beta of 1.02. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The business has a 50 day moving average of $270.09 and a 200 day moving average of $282.10. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping analysts' consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. Cadence Design Systems's revenue was up 18.8% on a year-over-year basis. During the same quarter last year, the business earned $1.01 earnings per share. Research analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

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.