TCW Group Inc. Has $125.76 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

TCW Group Inc. increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 77.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 463,988 shares of the software maker's stock after purchasing an additional 202,578 shares during the quarter. Cadence Design Systems accounts for 1.1% of TCW Group Inc.'s holdings, making the stock its 25th biggest position. TCW Group Inc. owned about 0.17% of Cadence Design Systems worth $125,755,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. State Street Corp lifted its holdings in shares of Cadence Design Systems by 0.5% during the third quarter. State Street Corp now owns 11,922,747 shares of the software maker's stock valued at $3,231,422,000 after purchasing an additional 60,490 shares during the last quarter. Jennison Associates LLC lifted its stake in Cadence Design Systems by 2.7% during the third quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker's stock valued at $2,061,502,000 after buying an additional 198,230 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Cadence Design Systems by 0.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker's stock worth $1,081,098,000 after buying an additional 37,452 shares during the period. Van ECK Associates Corp increased its position in shares of Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker's stock worth $689,472,000 after acquiring an additional 572,251 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in shares of Cadence Design Systems by 1.8% during the second quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker's stock valued at $772,187,000 after acquiring an additional 43,654 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded up $5.92 during midday trading on Wednesday, reaching $308.78. 2,216,800 shares of the company's stock were exchanged, compared to its average volume of 1,763,384. The firm has a market capitalization of $84.69 billion, a PE ratio of 81.24, a price-to-earnings-growth ratio of 4.17 and a beta of 1.03. The company's 50 day simple moving average is $287.32 and its two-hundred day simple moving average is $285.28. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion during 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%. The business's revenue was up 18.8% on a year-over-year basis. During the same period last year, the business earned $1.01 earnings per share. Equities research analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $413,970.00. Following the sale, the director now directly owns 43,551 shares of the company's stock, valued at $12,019,204.98. This represents a 3.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the transaction, the vice president now owns 60,461 shares of the company's stock, valued at $18,512,553.59. This trade represents a 1.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,634 shares of company stock worth $1,584,080. Insiders own 0.62% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They issued a "buy" rating and a $320.00 price objective for the company. Robert W. Baird lifted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an "outperform" rating in a report on Tuesday, October 29th. Loop Capital assumed coverage on Cadence Design Systems in a research note on Monday, November 11th. They issued a "buy" rating and a $360.00 price objective for the company. Needham & Company LLC lowered their target price on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating on the stock in a research note on Tuesday, October 29th. Finally, Mizuho started coverage on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. They issued an "outperform" rating and a $325.00 price target for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $326.00.

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.