CIBC Asset Management Inc Has $26.46 Million Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

CIBC Asset Management Inc grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 3.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 88,075 shares of the software maker's stock after purchasing an additional 3,165 shares during the quarter. CIBC Asset Management Inc's holdings in Cadence Design Systems were worth $26,463,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Missouri Trust & Investment Co acquired a new position in Cadence Design Systems during the 3rd quarter valued at $27,000. MidAtlantic Capital Management Inc. bought a new position in shares of Cadence Design Systems during the 3rd quarter worth about $28,000. Golden State Wealth Management LLC acquired a new position in shares of Cadence Design Systems during the fourth quarter valued at about $28,000. Versant Capital Management Inc lifted 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 during the period. Finally, Prestige Wealth Management Group LLC grew its position 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 in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Price Performance

NASDAQ:CDNS traded down $11.96 on Friday, reaching $258.27. The stock had a trading volume of 4,553,254 shares, compared to its average volume of 1,870,280. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $70.83 billion, a P/E ratio of 66.91, a price-to-earnings-growth ratio of 3.17 and a beta of 1.03. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The stock has a fifty day moving average price of $301.51 and a 200-day moving average price of $286.95.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS 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 during the quarter, compared to analyst estimates of $1.35 billion. Research analysts forecast that Cadence Design Systems, Inc. will post 5.57 EPS for the current year.

Insiders Place Their Bets

In related news, VP Paul Scannell sold 3,171 shares of the company's stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the transaction, the vice president now owns 14,318 shares in the company, valued at $4,378,158.04. This represents a 18.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the 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 sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 108,416 shares of company stock valued at $33,538,875. 1.99% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Wells Fargo & Company assumed coverage on Cadence Design Systems in a research report on Friday, November 22nd. They issued an "overweight" rating and a $350.00 price objective for the company. Needham & Company LLC reaffirmed a "buy" rating and issued a $325.00 target price on shares of Cadence Design Systems in a research report on Wednesday. Robert W. Baird lowered their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating on the stock in a report on Thursday. Mizuho increased 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. Finally, Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a "buy" rating and a $350.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $326.92.

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.