CIBC Asset Management Inc Has $23.01 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

CIBC Asset Management Inc lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 6.4% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 84,910 shares of the software maker's stock after buying an additional 5,113 shares during the quarter. CIBC Asset Management Inc's holdings in Cadence Design Systems were worth $23,013,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Avantax Advisory Services Inc. increased its position in Cadence Design Systems by 36.3% during the 1st quarter. Avantax Advisory Services Inc. now owns 2,791 shares of the software maker's stock worth $869,000 after buying an additional 743 shares during the period. Dorsey & Whitney Trust CO LLC boosted its holdings in Cadence Design Systems by 22.7% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 1,233 shares of the software maker's stock valued at $384,000 after purchasing an additional 228 shares during the period. Nicolet Advisory Services LLC grew its position in shares of Cadence Design Systems by 21.0% during the 1st quarter. Nicolet Advisory Services LLC now owns 1,134 shares of the software maker's stock worth $353,000 after purchasing an additional 197 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker's stock worth $7,763,496,000 after purchasing an additional 437,101 shares during the period. Finally, TIAA Trust National Association raised its position in shares of Cadence Design Systems by 3.0% in the first quarter. TIAA Trust National Association now owns 2,369 shares of the software maker's stock valued at $737,000 after buying an additional 70 shares in the last quarter. Institutional investors own 84.85% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Piper Sandler raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and set a $318.00 price objective for the company in a report on Tuesday, August 6th. Oppenheimer started coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an "underperform" rating and a $225.00 price objective for the company. Loop Capital started coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They issued a "buy" rating and a $360.00 target price on the stock. 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. Finally, Needham & Company LLC decreased their price objective on shares of 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $326.00.

Cadence Design Systems Trading Down 4.4 %

Cadence Design Systems stock traded down $13.33 during trading hours on Friday, hitting $289.71. The stock had a trading volume of 1,583,318 shares, compared to its average volume of 1,774,879. The business's 50 day simple moving average is $274.49 and its 200-day simple moving average is $282.77. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The stock has a market cap of $79.46 billion, a price-to-earnings ratio of 76.04, a P/E/G ratio of 3.75 and a beta of 1.02. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period last year, the company earned $1.01 EPS. The firm's revenue was up 18.8% compared to the same quarter last year. On average, equities analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the completion of the transaction, the vice president now owns 64,544 shares of the company's stock, valued at $17,226,148.16. This trade represents a 1.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John M. Wall sold 10,000 shares of the business's stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the transaction, the chief financial officer now owns 38,654 shares in the company, valued at approximately $10,278,485.14. The trade was a 20.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,634 shares of company stock worth $4,217,635 over the last three months. Company insiders own 1.99% of the company's stock.

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.