Cumberland Partners Ltd Acquires 18,874 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cumberland Partners Ltd increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 65.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,927 shares of the software maker's stock after purchasing an additional 18,874 shares during the quarter. Cumberland Partners Ltd's holdings in Cadence Design Systems were worth $14,400,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CDNS. State Street Corp boosted its stake in shares of Cadence Design Systems by 0.5% during the 3rd quarter. State Street Corp now owns 11,922,747 shares of the software maker's stock worth $3,231,422,000 after acquiring an additional 60,490 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Cadence Design Systems by 5.3% in the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker's stock valued at $2,406,760,000 after purchasing an additional 404,076 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Cadence Design Systems by 0.9% in the 3rd 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 purchasing an additional 37,452 shares in the last quarter. Nordea Investment Management AB increased its stake in Cadence Design Systems by 6.5% in the 4th quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker's stock worth $885,356,000 after purchasing an additional 178,212 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in Cadence Design Systems by 26.1% during the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker's stock worth $689,472,000 after buying an additional 572,251 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares of the company's stock, valued at $4,378,158.04. The trade was a 18.13 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total value of $199,023.50. Following the completion of the sale, the vice president now directly owns 60,461 shares of the company's stock, valued at $18,512,553.59. This represents a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 108,416 shares of company stock valued at $33,538,875. Insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS traded down $12.67 during trading on Friday, reaching $257.56. The stock had a trading volume of 2,676,092 shares, compared to its average volume of 1,809,081. The stock has a fifty day simple moving average of $301.51 and a two-hundred day simple moving average of $286.95. 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 52 week low of $241.29 and a 52 week high of $328.99. The firm has a market capitalization of $70.64 billion, a price-to-earnings ratio of 66.77, a P/E/G ratio of 3.17 and a beta of 1.03.

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). The firm 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, analysts anticipate that Cadence Design Systems, Inc. will post 5.57 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Mizuho boosted their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a report on Friday, December 13th. Redburn Atlantic initiated coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a "buy" rating and a $350.00 target price for the company. Rosenblatt Securities upped their target price on Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a report on Wednesday. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an "overweight" rating and a $350.00 price objective on the stock. Finally, Needham & Company LLC reissued a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a research report on Wednesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $326.92.

About Cadence Design Systems

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.