Toronto Dominion Bank Has $40.79 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Toronto Dominion Bank raised its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.8% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 150,510 shares of the software maker’s stock after purchasing an additional 1,129 shares during the quarter. Toronto Dominion Bank’s holdings in Cadence Design Systems were worth $40,793,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. grew its position in shares of Cadence Design Systems by 280.1% in the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock valued at $467,676,000 after purchasing an additional 1,119,824 shares during the period. Van ECK Associates Corp grew its position in shares of Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after purchasing an additional 572,251 shares during the period. Meridiem Investment Management Ltd. acquired a new position in shares of Cadence Design Systems in the 3rd quarter valued at approximately $129,285,000. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after purchasing an additional 310,250 shares during the period. Finally, Marshall Wace LLP grew its position in shares of Cadence Design Systems by 153.4% in the 2nd quarter. Marshall Wace LLP now owns 471,010 shares of the software maker’s stock valued at $144,953,000 after purchasing an additional 285,130 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the completion of the sale, the director now owns 43,551 shares of the company’s stock, valued at approximately $12,019,204.98. This trade represents a 3.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $273.44, for a total value of $177,736.00. Following the sale, the vice president now directly owns 61,761 shares of the company’s stock, valued at $16,887,927.84. This represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,634 shares of company stock worth $1,584,080. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Up 2.0 %

Shares of Cadence Design Systems stock opened at $308.78 on Thursday. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The business’s 50 day moving average is $287.32 and its 200-day moving average is $285.28. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The stock has a market cap of $84.69 billion, a P/E ratio of 81.04, a P/E/G ratio of 4.17 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the prior year, the business earned $1.01 EPS. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. Equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Oppenheimer assumed coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. Mizuho initiated coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target for the company. Needham & Company LLC reduced their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Berenberg Bank initiated coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target for the company. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $326.00.

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.