Cibc World Markets Corp Increases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cibc World Markets Corp boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 14.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,315 shares of the software maker's stock after buying an additional 6,282 shares during the quarter. Cibc World Markets Corp's holdings in Cadence Design Systems were worth $14,817,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Principal Financial Group Inc. lifted its holdings in shares of Cadence Design Systems by 10.7% during the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker's stock worth $672,300,000 after purchasing an additional 216,075 shares during the period. Pittenger & Anderson Inc. grew its position in shares of Cadence Design Systems by 50.1% in the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker's stock valued at $1,589,000 after buying an additional 1,766 shares during the last quarter. Meridiem Investment Management Ltd. increased its stake in shares of Cadence Design Systems by 64.3% in the fourth quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker's stock valued at $235,625,000 after buying an additional 306,887 shares during the period. Nisa Investment Advisors LLC raised its position in shares of Cadence Design Systems by 132.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker's stock worth $41,850,000 after acquiring an additional 79,268 shares during the last quarter. Finally, Avanza Fonder AB acquired a new position in shares of Cadence Design Systems in the fourth quarter worth approximately $6,046,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

CDNS has been the subject of several recent analyst reports. Bank of America decreased their target price on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. Mizuho lifted their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research note on Friday, December 13th. StockNews.com lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Rosenblatt Securities lifted their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Finally, Loop Capital cut their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. One research 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. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $324.83.

Insider Activity at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the company's stock in a transaction that occurred on Thursday, January 2nd. The stock was 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 approximately $18,080,365.24. This trade represents a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 101,021 shares of company stock valued at $31,229,155. Company insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS traded up $3.92 during mid-day trading on Friday, hitting $262.42. The company had a trading volume of 5,699,757 shares, compared to its average volume of 1,810,420. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99. The company has a market capitalization of $71.93 billion, a price-to-earnings ratio of 67.98, a P/E/G ratio of 3.88 and a beta of 1.05. The stock's 50-day moving average price is $278.74 and its 200-day moving average price is $283.83.

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

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.