Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Cibc World Markets Corp

Cibc World Markets Corp grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 49,315 shares of the software maker’s stock after buying an additional 6,282 shares during the period. Cibc World Markets Corp’s holdings in Cadence Design Systems were worth $14,817,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in CDNS. Jensen Investment Management Inc. bought a new stake in Cadence Design Systems during the fourth quarter valued at $126,571,000. GLOBALT Investments LLC GA grew its holdings in shares of Cadence Design Systems by 1.2% during the fourth quarter. GLOBALT Investments LLC GA now owns 11,917 shares of the software maker’s stock valued at $3,581,000 after purchasing an additional 142 shares during the last quarter. Sovereign Investment Advisors LLC acquired a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $593,000. Harbour Investments Inc. lifted its holdings in shares of Cadence Design Systems by 33.0% in the 4th quarter. Harbour Investments Inc. now owns 238 shares of the software maker’s stock worth $72,000 after purchasing an additional 59 shares during the last quarter. Finally, Corient Private Wealth LLC boosted its position in Cadence Design Systems by 1.0% during the 4th quarter. Corient Private Wealth LLC now owns 167,313 shares of the software maker’s stock valued at $50,271,000 after purchasing an additional 1,691 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 3.1 %

CDNS opened at $255.11 on Tuesday. The stock’s fifty day moving average is $281.46 and its 200-day moving average is $284.30. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99. The company has a market capitalization of $69.93 billion, a PE ratio of 66.09, a P/E/G ratio of 3.88 and a beta of 1.05. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. On average, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. This represents a 9.58 % 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, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the transaction, the vice president now directly owns 58,123 shares in the company, valued at approximately $14,689,425.79. This trade represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 105,245 shares of company stock valued at $32,534,498. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CDNS. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Bank of America cut their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Mizuho upped their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Robert W. Baird cut their price target on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Finally, Rosenblatt Securities increased their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $326.92.

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.