Monte Financial Group LLC Invests $476,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Monte Financial Group LLC acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 1,757 shares of the software maker’s stock, valued at approximately $476,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of CDNS. Swedbank AB bought a new position in shares of Cadence Design Systems during the first quarter valued at approximately $439,988,000. Principal Financial Group Inc. grew its stake in Cadence Design Systems by 280.1% during the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after buying an additional 1,119,824 shares during the last quarter. Meridiem Investment Management Ltd. acquired a new stake in Cadence Design Systems in the third quarter worth $129,285,000. BNP Paribas Financial Markets lifted its stake in Cadence Design Systems by 58.1% in the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after buying an additional 468,195 shares during the last quarter. Finally, Jennison Associates LLC boosted its holdings in shares of Cadence Design Systems by 6.9% during the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after acquiring an additional 459,603 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total value of $425,490.00. Following the transaction, the director now owns 42,051 shares in the company, valued at approximately $11,928,186.66. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the sale, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total transaction of $425,490.00. Following the completion of the transaction, the director now directly owns 42,051 shares in the company, valued at approximately $11,928,186.66. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,347 shares of company stock valued at $7,728,272 over the last ninety days. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $249.09 on Thursday. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The business’s 50-day moving average price is $268.47 and its 200 day moving average price is $283.48. Cadence Design Systems, Inc. has a 52-week low of $228.66 and a 52-week high of $328.99. The firm has a market cap of $67.86 billion, a P/E ratio of 64.87, a PEG ratio of 3.37 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating 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 company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter last year, the firm posted $0.94 EPS. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective on the stock. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, October 7th. Robert W. Baird reduced their price objective on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. Needham & Company LLC restated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Finally, KeyCorp boosted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $323.42.

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.