Van ECK Associates Corp Purchases 265,943 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Van ECK Associates Corp increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 20.2% in the fourth quarter, HoldingsChannel reports. The firm owned 1,583,529 shares of the software maker’s stock after buying an additional 265,943 shares during the period. Van ECK Associates Corp’s holdings in Cadence Design Systems were worth $431,306,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of CDNS. Jennison Associates LLC raised its stake in Cadence Design Systems by 8.7% in the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after acquiring an additional 564,085 shares during the period. Northern Trust Corp lifted its stake in shares of Cadence Design Systems by 5.6% during the 3rd quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock worth $701,927,000 after buying an additional 158,031 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Cadence Design Systems by 4.9% during the 3rd quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock worth $471,480,000 after buying an additional 93,984 shares during the period. Nordea Investment Management AB grew its stake in Cadence Design Systems by 124.8% in the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after buying an additional 1,052,228 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in Cadence Design Systems by 143.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after acquiring an additional 962,987 shares during the period. Institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Friday, April 19th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday, April 22nd. Piper Sandler reduced their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. StockNews.com raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Wednesday, April 24th. Finally, Stifel Nicolaus increased their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $326.11.

Insider Activity

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total value of $449,130.00. Following the sale, the director now owns 53,183 shares in the company, valued at $15,924,053.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction of $449,130.00. Following the sale, the director now directly owns 53,183 shares of the company’s stock, valued at $15,924,053.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 173,044 shares of company stock worth $52,231,207. Corporate insiders own 0.62% of the company’s stock.

Cadence Design Systems Price Performance

CDNS traded up $0.08 during trading on Monday, hitting $282.49. 1,396,310 shares of the stock traded hands, compared to its average volume of 1,576,951. The business has a 50 day moving average price of $303.85 and a 200 day moving average price of $281.61. The company has a market cap of $76.87 billion, a price-to-earnings ratio of 73.54, a PEG ratio of 3.32 and a beta of 1.04. Cadence Design Systems, Inc. has a twelve month low of $198.92 and a twelve month high of $327.36. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period in the prior year, the company earned $1.02 EPS. Cadence Design Systems’s revenue for the quarter was down 1.2% on a year-over-year basis. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.78 earnings per share 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.