Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by iA Global Asset Management Inc.

iA Global Asset Management Inc. boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 78.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 57,006 shares of the software maker’s stock after acquiring an additional 25,108 shares during the quarter. iA Global Asset Management Inc.’s holdings in Cadence Design Systems were worth $17,128,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its position in Cadence Design Systems by 10.7% in the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock valued at $672,300,000 after acquiring an additional 216,075 shares during the period. Pittenger & Anderson Inc. increased its position in Cadence Design Systems by 50.1% in the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock valued at $1,589,000 after acquiring an additional 1,766 shares during the period. Meridiem Investment Management Ltd. increased its position in Cadence Design Systems by 64.3% in the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock valued at $235,625,000 after acquiring an additional 306,887 shares during the period. Nisa Investment Advisors LLC increased its position in Cadence Design Systems by 132.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after acquiring an additional 79,268 shares during the period. Finally, Avanza Fonder AB acquired a new stake in Cadence Design Systems in the 4th quarter valued at approximately $6,046,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the transaction, the vice president now owns 59,311 shares in the company, valued at approximately $18,080,365.24. This trade represents a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 101,021 shares of company stock worth $31,229,155. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $258.70 on Thursday. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99. The business has a fifty day simple moving average of $279.62 and a 200 day simple moving average of $284.01. The firm has a market cap of $70.91 billion, a price-to-earnings ratio of 67.02, a P/E/G ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CDNS has been the topic of several analyst reports. Needham & Company LLC restated a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Robert W. Baird decreased their price target on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. Oppenheimer decreased their price target on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research note on Wednesday. Bank of America decreased their price target on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Finally, Wells Fargo & Company initiated coverage on Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $324.83.

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.