TD Asset Management Inc Has $91.17 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

TD Asset Management Inc trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 358,482 shares of the software maker’s stock after selling 9,865 shares during the period. TD Asset Management Inc owned 0.13% of Cadence Design Systems worth $91,173,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Jennison Associates LLC increased its holdings in Cadence Design Systems by 13.2% during the 1st quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker’s stock valued at $2,305,489,000 after purchasing an additional 1,054,702 shares in the last quarter. FMR LLC increased its holdings in Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after purchasing an additional 639,146 shares in the last quarter. Geode Capital Management LLC increased its holdings in Cadence Design Systems by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker’s stock valued at $1,806,019,000 after purchasing an additional 135,251 shares in the last quarter. Alliancebernstein L.P. increased its holdings in Cadence Design Systems by 12.5% during the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock valued at $1,705,469,000 after purchasing an additional 632,175 shares in the last quarter. Finally, Franklin Resources Inc. increased its stake in shares of Cadence Design Systems by 5.2% in the 4th quarter. Franklin Resources Inc. now owns 4,821,666 shares of the software maker’s stock valued at $1,448,718,000 after buying an additional 238,535 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CDNS shares. The Goldman Sachs Group started coverage on Cadence Design Systems in a research note on Thursday, July 10th. They issued a “buy” rating and a $380.00 target price for the company. Rosenblatt Securities reissued a “neutral” rating and issued a $300.00 target price on shares of Cadence Design Systems in a research note on Friday. Wall Street Zen cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Sunday, July 20th. JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. Finally, KeyCorp reissued an “overweight” rating and issued a $358.00 target price (up from $340.00) on shares of Cadence Design Systems in a research note on Thursday, July 10th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $332.57.

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total transaction of $306,350.00. Following the transaction, the vice president directly owned 105,499 shares in the company, valued at approximately $32,319,618.65. The trade was a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the transaction, the director owned 23,996 shares in the company, valued at approximately $7,677,520.20. This represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,795 shares of company stock valued at $6,065,087. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Up 2.3%

Shares of Cadence Design Systems stock opened at $332.19 on Friday. The business has a fifty day simple moving average of $309.39 and a 200 day simple moving average of $288.63. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52. The stock has a market cap of $90.70 billion, a PE ratio of 84.10, a price-to-earnings-growth ratio of 4.62 and a beta of 0.99. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $335.16.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.07. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The company’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.17 earnings per share. Research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

About Cadence Design Systems

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.