Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by iA Global Asset Management Inc.

iA Global Asset Management Inc. boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 78.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 57,006 shares of the software maker's stock after purchasing an additional 25,108 shares during the period. iA Global Asset Management Inc.'s holdings in Cadence Design Systems were worth $17,128,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CDNS. Golden State Wealth Management LLC acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $28,000. Avalon Trust Co acquired a new position in shares of Cadence Design Systems in the fourth quarter valued at about $39,000. Versant Capital Management Inc raised its stake in shares of Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock worth $42,000 after purchasing an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC lifted its holdings in shares of Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock worth $45,000 after purchasing an additional 60 shares during the period. Finally, OFI Invest Asset Management purchased a new stake in Cadence Design Systems in the fourth quarter valued at approximately $46,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the transaction, the vice president now owns 59,311 shares in the company, valued at $18,080,365.24. This represents a 1.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,021 shares of company stock valued at $31,229,155 over the last ninety days. Corporate insiders own 1.99% of the company's stock.

Remove Ads

Cadence Design Systems Price Performance

NASDAQ CDNS traded up $4.73 during trading hours on Monday, reaching $267.15. The company's stock had a trading volume of 2,525,949 shares, compared to its average volume of 1,811,603. The firm has a market capitalization of $73.23 billion, a price-to-earnings ratio of 69.21, a P/E/G ratio of 3.88 and a beta of 1.05. The company's 50-day moving average is $277.50 and its two-hundred day moving average is $284.31. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 1-year low of $230.09 and a 1-year high of $328.99.

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

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CDNS. StockNews.com lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Mizuho raised their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a report on Friday, December 13th. Bank of America lowered their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. Loop Capital reduced their price objective on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. Finally, Redburn Atlantic started coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a "buy" rating and a $350.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $324.83.

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.