4,607 Shares in Cadence Design Systems, Inc. $CDNS Acquired by Northwest & Ethical Investments L.P.

Northwest & Ethical Investments L.P. acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 1st quarter, HoldingsChannel.com reports. The firm acquired 4,607 shares of the software maker’s stock, valued at approximately $1,172,000.

Other hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC boosted its holdings in Cadence Design Systems by 31,049.1% in the first quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker’s stock valued at $309,835,000 after acquiring an additional 1,214,330 shares during the last quarter. Nuveen LLC acquired a new position in Cadence Design Systems during the 1st quarter valued at about $289,744,000. Jennison Associates LLC boosted its stake in shares of Cadence Design Systems by 13.2% in 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 during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Cadence Design Systems by 25.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker’s stock worth $882,655,000 after buying an additional 601,834 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Cadence Design Systems by 1.7% during the first quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker’s stock worth $6,698,834,000 after buying an additional 429,955 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Activity

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the sale, the director owned 8,010 shares in the company, valued at approximately $2,435,040. The trade was a 2.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $358.72, for a total value of $358,720.00. Following the transaction, the vice president directly owned 104,499 shares of the company’s stock, valued at approximately $37,485,881.28. This trade represents a 0.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,830 shares of company stock worth $1,207,671 in the last three months. Company insiders own 0.37% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on CDNS shares. Needham & Company LLC raised their price objective on shares of Cadence Design Systems from $325.00 to $390.00 and gave the company a “buy” rating in a research note on Tuesday, July 29th. Stifel Nicolaus increased their price target on Cadence Design Systems from $350.00 to $395.00 and gave the company a “buy” rating in a research note on Tuesday, July 29th. Bank of America raised their price target on Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. The Goldman Sachs Group assumed coverage on Cadence Design Systems in a report on Thursday, July 10th. They issued a “buy” rating and a $380.00 price objective for the company. Finally, Berenberg Bank set a $400.00 target price on Cadence Design Systems in a report on Wednesday, July 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average target price of $364.33.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $356.25 on Tuesday. The firm has a market cap of $97.07 billion, a P/E ratio of 96.28, a PEG ratio of 4.59 and a beta of 0.97. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $376.45. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.67 and a current ratio of 2.82. The firm’s 50 day moving average price is $325.98 and its two-hundred day moving average price is $294.43.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, beating the consensus estimate of $1.56 by $0.09. The business had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The firm’s revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.28 EPS. On average, analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

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.