National Bank of Canada FI Has $59.27 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

National Bank of Canada FI reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 28.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 197,238 shares of the software maker's stock after selling 79,733 shares during the period. National Bank of Canada FI owned about 0.07% of Cadence Design Systems worth $59,271,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC bought a new stake in Cadence Design Systems during the fourth quarter worth about $28,000. Avalon Trust Co acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at approximately $39,000. Versant Capital Management Inc grew 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 valued at $42,000 after buying an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC increased its holdings in 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 buying an additional 60 shares during the last quarter. Finally, OFI Invest Asset Management bought a new stake in Cadence Design Systems during the fourth quarter worth $46,000. 84.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several recent analyst reports. Needham & Company LLC restated a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, February 19th. StockNews.com downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Redburn Atlantic assumed coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a "buy" rating and a $350.00 target price on the stock. Mizuho lifted their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a report on Friday, December 13th. Finally, Rosenblatt Securities increased their price target on Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. 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 stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $324.83.

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Insiders Place Their Bets

In related news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the transaction, the vice president now directly owns 108,799 shares of the company's stock, valued at $27,486,979.36. The trade was a 0.59 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 95,101 shares of company stock valued at $29,395,309. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Price Performance

Shares of CDNS traded down $16.03 during midday trading on Friday, hitting $232.88. The company's stock had a trading volume of 4,201,295 shares, compared to its average volume of 1,908,919. The company's fifty day simple moving average is $268.08 and its two-hundred day simple moving average is $283.75. The stock has a market capitalization of $63.88 billion, a price-to-earnings ratio of 60.33, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99.

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