National Bank of Canada FI Purchases 87,514 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

National Bank of Canada FI increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 50.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 261,188 shares of the software maker’s stock after purchasing an additional 87,514 shares during the quarter. National Bank of Canada FI owned approximately 0.10% of Cadence Design Systems worth $68,666,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Cambridge Investment Research Advisors Inc. boosted its holdings in Cadence Design Systems by 14.0% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 15,386 shares of the software maker’s stock valued at $3,605,000 after acquiring an additional 1,893 shares in the last quarter. Raymond James & Associates increased its position in shares of Cadence Design Systems by 5.5% during the third quarter. Raymond James & Associates now owns 206,566 shares of the software maker’s stock valued at $48,398,000 after buying an additional 10,840 shares during the period. Concord Wealth Partners raised its stake in Cadence Design Systems by 10.8% in the third quarter. Concord Wealth Partners now owns 1,005 shares of the software maker’s stock worth $235,000 after buying an additional 98 shares in the last quarter. Everhart Financial Group Inc. lifted its holdings in Cadence Design Systems by 8.3% in the third quarter. Everhart Financial Group Inc. now owns 2,317 shares of the software maker’s stock worth $543,000 after buying an additional 178 shares during the period. Finally, Lindbrook Capital LLC boosted its position in Cadence Design Systems by 2.5% during the 3rd quarter. Lindbrook Capital LLC now owns 1,844 shares of the software maker’s stock valued at $432,000 after acquiring an additional 45 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Needham & Company LLC restated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Friday, April 19th. Wells Fargo & Company boosted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, April 22nd. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $326.11.

Insiders Place Their Bets

In other news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $165,216.00. Following the completion of the sale, the senior vice president now owns 20,480 shares of the company’s stock, valued at approximately $5,639,372.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the transaction, the senior vice president now directly owns 20,480 shares of the company’s stock, valued at approximately $5,639,372.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Anirudh Devgan sold 1,454 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the completion of the sale, the chief executive officer now directly owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 174,566 shares of company stock worth $52,649,105. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS traded up $5.19 during midday trading on Friday, hitting $281.63. 1,371,195 shares of the stock traded hands, compared to its average volume of 1,806,029. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. Cadence Design Systems, Inc. has a one year low of $198.92 and a one year high of $327.36. The firm has a market capitalization of $76.64 billion, a P/E ratio of 73.34, a PEG ratio of 3.32 and a beta of 1.06. The firm has a 50-day moving average of $302.02 and a two-hundred day moving average of $282.59.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 previous year, the company posted $1.02 EPS. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 4.78 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.