Impax Asset Management Group plc Raises Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Impax Asset Management Group plc lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 20.9% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,374,531 shares of the software maker's stock after buying an additional 237,495 shares during the quarter. Cadence Design Systems comprises 1.5% of Impax Asset Management Group plc's holdings, making the stock its 21st biggest position. Impax Asset Management Group plc owned 0.50% of Cadence Design Systems worth $371,719,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of CDNS. RiverPark Advisors LLC acquired a new position in shares of Cadence Design Systems in the 1st quarter valued at approximately $26,000. ORG Partners LLC boosted its holdings in shares of Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker's stock valued at $28,000 after purchasing an additional 82 shares in the last quarter. Chilton Capital Management LLC increased its stake in shares of Cadence Design Systems by 244.0% in the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker's stock valued at $53,000 after purchasing an additional 122 shares during the last quarter. Larson Financial Group LLC lifted its position 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 buying an additional 123 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Cadence Design Systems in the second quarter valued at about $69,000. 84.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CDNS shares. Piper Sandler raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and set a $318.00 price target on the stock in a report on Tuesday, August 6th. Mizuho began coverage on Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an "outperform" rating and a $325.00 price target for the company. Oppenheimer started coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an "underperform" rating and a $225.00 price objective on the stock. Berenberg Bank started coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a "buy" rating and a $320.00 price target on the stock. Finally, Needham & Company LLC lowered their price objective on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating for the company in a research note on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $323.17.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company's 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 transaction, the vice president now owns 64,544 shares in the company, valued at approximately $17,226,148.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the sale, the director now owns 42,051 shares in the company, valued at $11,928,186.66. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company's stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total transaction of $173,478.50. Following the completion of the sale, the vice president now directly owns 64,544 shares of the company's stock, valued at $17,226,148.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,697 shares of company stock valued at $7,555,216. Company insiders own 1.99% of the company's stock.

Cadence Design Systems Trading Up 2.6 %

CDNS stock traded up $7.25 during mid-day trading on Monday, reaching $289.34. The company's stock had a trading volume of 2,485,198 shares, compared to its average volume of 1,778,340. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The company has a current ratio of 2.45, a quick ratio of 1.32 and a debt-to-equity ratio of 0.54. The business's 50 day moving average price is $267.18 and its 200 day moving average price is $281.64. The company has a market cap of $79.36 billion, a price-to-earnings ratio of 75.94, a price-to-earnings-growth ratio of 3.38 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.20. The business 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%. Cadence Design Systems's revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.01 earnings per share. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

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.