King Luther Capital Management Corp Acquires 27,258 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

King Luther Capital Management Corp raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 26.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 129,767 shares of the software maker’s stock after acquiring an additional 27,258 shares during the period. King Luther Capital Management Corp’s holdings in Cadence Design Systems were worth $35,171,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Axxcess Wealth Management LLC increased its holdings in Cadence Design Systems by 18.0% during the 1st quarter. Axxcess Wealth Management LLC now owns 10,597 shares of the software maker’s stock valued at $3,299,000 after purchasing an additional 1,618 shares in the last quarter. Capital International Inc. CA boosted its position in shares of Cadence Design Systems by 24.1% in the 1st quarter. Capital International Inc. CA now owns 5,694 shares of the software maker’s stock worth $1,772,000 after purchasing an additional 1,104 shares during the last quarter. K2 Principal Fund L.P. acquired a new stake in Cadence Design Systems during the 1st quarter worth $557,000. Guardian Capital LP raised its stake in Cadence Design Systems by 86.3% during the 1st quarter. Guardian Capital LP now owns 1,874 shares of the software maker’s stock worth $583,000 after buying an additional 868 shares during the period. Finally, Evergreen Quality Fund GP Ltd. acquired a new stake in Cadence Design Systems during the 1st quarter worth $50,423,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on CDNS shares. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Robert W. Baird lifted their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Needham & Company LLC lowered their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Berenberg Bank began coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price on the stock. Finally, Oppenheimer began coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus price target of $326.00.

Insider Buying and Selling

In other news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction on 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 sale, the chief financial officer now owns 38,654 shares in the company, valued at approximately $10,278,485.14. This trade represents a 20.55 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the firm’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 sale, the vice president now owns 64,544 shares in the company, valued at approximately $17,226,148.16. This trade represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,634 shares of company stock valued at $4,217,635. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $304.01 on Thursday. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $83.38 billion, a P/E ratio of 79.79, a price-to-earnings-growth ratio of 4.07 and a beta of 1.02. The firm’s fifty day simple moving average is $276.99 and its two-hundred day simple moving average is $283.28. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping 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 firm’s revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.01 EPS. As a group, analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

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.