477,019 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Purchased by Meridiem Investment Management Ltd.

Meridiem Investment Management Ltd. acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 477,019 shares of the software maker’s stock, valued at approximately $129,285,000. Cadence Design Systems accounts for about 2.3% of Meridiem Investment Management Ltd.’s investment portfolio, making the stock its 19th largest holding. Meridiem Investment Management Ltd. owned approximately 0.18% of Cadence Design Systems at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in CDNS. Fulton Bank N.A. grew its stake in Cadence Design Systems by 9.5% during the first quarter. Fulton Bank N.A. now owns 1,701 shares of the software maker’s stock worth $529,000 after buying an additional 148 shares in the last quarter. Gulf International Bank UK Ltd lifted its stake in Cadence Design Systems by 0.6% during the first quarter. Gulf International Bank UK Ltd now owns 22,525 shares of the software maker’s stock worth $7,011,000 after purchasing an additional 136 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Cadence Design Systems by 21.2% in the 1st quarter. International Assets Investment Management LLC now owns 1,237 shares of the software maker’s stock valued at $386,000 after purchasing an additional 216 shares in the last quarter. Contravisory Investment Management Inc. raised its holdings in shares of Cadence Design Systems by 498.4% during the 1st quarter. Contravisory Investment Management Inc. now owns 27,587 shares of the software maker’s stock worth $8,587,000 after buying an additional 22,977 shares in the last quarter. Finally, Cooper Financial Group raised its holdings in shares of Cadence Design Systems by 1.0% during the 1st quarter. Cooper Financial Group now owns 5,672 shares of the software maker’s stock worth $1,766,000 after buying an additional 56 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the sale, the vice president now directly owns 65,194 shares in the company, valued at $17,357,250.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the sale, the chief financial officer now owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The trade was 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 the SEC website. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the sale, the vice president now owns 65,194 shares in the company, valued at approximately $17,357,250.56. 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 have sold 28,347 shares of company stock valued at $7,728,272. Insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

CDNS has been the subject of a number of research reports. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a report on Tuesday. They issued a “buy” rating and a $320.00 target price for the company. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research note on Tuesday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Monday, October 7th. Finally, Oppenheimer began 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 target on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $323.27.

Cadence Design Systems Stock Down 1.7 %

Shares of Cadence Design Systems stock traded down $4.51 during trading hours on Friday, reaching $258.52. The company’s stock had a trading volume of 4,062,607 shares, compared to its average volume of 1,721,178. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The stock’s fifty day simple moving average is $269.59 and its two-hundred day simple moving average is $284.83. The company has a market capitalization of $70.43 billion, a P/E ratio of 67.32, a P/E/G ratio of 3.37 and a beta of 1.02. Cadence Design Systems, Inc. has a one year low of $228.66 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the prior year, the business posted $0.94 EPS. The business’s revenue was up 8.6% compared to the same quarter last year. On average, research analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

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.