OMERS ADMINISTRATION Corp Purchases 1,966 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

OMERS ADMINISTRATION Corp boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 20.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,413 shares of the software maker’s stock after purchasing an additional 1,966 shares during the quarter. OMERS ADMINISTRATION Corp’s holdings in Cadence Design Systems were worth $3,429,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CDNS. Czech National Bank grew its stake in shares of Cadence Design Systems by 6.6% in the fourth quarter. Czech National Bank now owns 59,466 shares of the software maker’s stock valued at $17,867,000 after acquiring an additional 3,686 shares in the last quarter. Brookstone Capital Management boosted its holdings in Cadence Design Systems by 36.1% in the 4th quarter. Brookstone Capital Management now owns 14,532 shares of the software maker’s stock valued at $4,366,000 after purchasing an additional 3,858 shares during the period. Capital Investment Advisors LLC grew its position in shares of Cadence Design Systems by 7.8% during the 4th quarter. Capital Investment Advisors LLC now owns 6,367 shares of the software maker’s stock worth $1,913,000 after purchasing an additional 461 shares in the last quarter. Cooper Financial Group increased its holdings in shares of Cadence Design Systems by 13.2% during the fourth quarter. Cooper Financial Group now owns 3,530 shares of the software maker’s stock worth $1,061,000 after purchasing an additional 413 shares during the period. Finally, Miracle Mile Advisors LLC raised its position in shares of Cadence Design Systems by 22.0% in the fourth quarter. Miracle Mile Advisors LLC now owns 6,824 shares of the software maker’s stock valued at $2,050,000 after buying an additional 1,229 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Loop Capital lowered their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Needham & Company LLC reissued a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a report on Tuesday. Robert W. Baird boosted their price target on Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Finally, Piper Sandler raised their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $322.54.

Cadence Design Systems Price Performance

CDNS stock opened at $318.66 on Wednesday. The stock has a market cap of $87.01 billion, a price-to-earnings ratio of 82.55, a P/E/G ratio of 3.88 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The company has a 50 day simple moving average of $267.19 and a 200 day simple moving average of $285.60. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the prior year, the business earned $1.17 earnings per share. The company’s revenue for the quarter was up 23.1% compared to the same quarter last year. Research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Activity

In other news, Director Ita M. Brennan sold 180 shares of the stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the completion of the sale, the director now owns 7,411 shares of the company’s stock, valued at approximately $2,038,025. This represents a 2.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of the firm’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the transaction, the chief executive officer now owns 209,548 shares of the company’s stock, valued at $64,959,880. This trade represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,577 shares of company stock valued at $5,316,411. Insiders own 1.99% of the company’s stock.

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.