Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Van ECK Associates Corp

Van ECK Associates Corp grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 26.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,767,965 shares of the software maker's stock after purchasing an additional 572,251 shares during the period. Cadence Design Systems accounts for about 0.8% of Van ECK Associates Corp's investment portfolio, making the stock its 25th largest position. Van ECK Associates Corp owned about 1.02% of Cadence Design Systems worth $689,472,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of CDNS. RiverPark Advisors LLC acquired a new stake in shares of Cadence Design Systems during the 1st quarter worth about $26,000. ORG Partners LLC boosted its stake in shares of Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker's stock worth $28,000 after purchasing an additional 82 shares during the last quarter. Chilton Capital Management LLC boosted its stake in shares of Cadence Design Systems by 244.0% during the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker's stock worth $53,000 after purchasing an additional 122 shares during the last quarter. Larson Financial Group LLC lifted its holdings in shares of Cadence Design Systems by 159.7% during the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker's stock worth $62,000 after acquiring an additional 123 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Cadence Design Systems during the 2nd quarter worth about $69,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the sale, the vice president now owns 95,408 shares in the company, valued at $26,366,954.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, VP Chin-Chi Teng sold 10,000 shares of the firm's stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the completion of the sale, the vice president now owns 95,408 shares of the company's stock, valued at approximately $26,366,954.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm's stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $276.24, for a total transaction of $414,360.00. Following the sale, the director now directly owns 45,051 shares of the company's stock, valued at $12,444,888.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,697 shares of company stock worth $7,555,216 over the last 90 days. Company insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Up 2.2 %

Shares of CDNS traded up $5.97 during mid-day trading on Friday, reaching $282.09. 1,897,324 shares of the stock traded hands, compared to its average volume of 2,343,673. The firm has a market cap of $77.37 billion, a price-to-earnings ratio of 74.04, a P/E/G ratio of 3.38 and a beta of 1.02. The stock has a fifty day simple moving average of $267.18 and a 200 day simple moving average of $281.64. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The company has a quick ratio of 1.32, 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 quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business's quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.01 earnings per share. Sell-side analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CDNS shares. Needham & Company LLC cut 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 report on Tuesday, October 29th. Rosenblatt Securities reiterated a "neutral" rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Mizuho started coverage on shares of Cadence Design Systems in a report on Tuesday, October 22nd. They set an "outperform" rating and a $325.00 price objective on the stock. Piper Sandler upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and set a $318.00 price objective on the stock in a report on Tuesday, August 6th. Finally, Robert W. Baird increased their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an "outperform" rating in a report on Tuesday, October 29th. One equities 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.com, the company presently has an average rating of "Moderate Buy" and an average price target of $323.17.

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.