CIBC Asset Management Inc boosted its holdings in Cadence Design Systems Inc (NASDAQ:CDNS) by 35.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 35,460 shares of the software maker’s stock after acquiring an additional 9,285 shares during the quarter. CIBC Asset Management Inc’s holdings in Cadence Design Systems were worth $1,483,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Cerebellum GP LLC bought a new stake in Cadence Design Systems in the fourth quarter valued at about $123,000. Advisor Group Inc. lifted its position in shares of Cadence Design Systems by 151.4% during the third quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock worth $165,000 after purchasing an additional 2,505 shares in the last quarter. Dupont Capital Management Corp acquired a new position in shares of Cadence Design Systems during the third quarter worth approximately $170,000. Parkwood LLC bought a new stake in shares of Cadence Design Systems during the third quarter worth approximately $201,000. Finally, Coldstream Capital Management Inc. bought a new stake in shares of Cadence Design Systems during the third quarter worth approximately $207,000. 84.91% of the stock is currently owned by institutional investors and hedge funds.
Cadence Design Systems Inc (CDNS) traded up $0.09 during midday trading on Friday, hitting $39.16. 1,910,000 shares of the stock were exchanged, compared to its average volume of 2,460,000. The company has a current ratio of 1.53, a quick ratio of 1.47 and a debt-to-equity ratio of 0.65. The firm has a market cap of $11,060.00, a PE ratio of 53.64, a PEG ratio of 3.82 and a beta of 0.97. Cadence Design Systems Inc has a one year low of $29.69 and a one year high of $46.00.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Wednesday, January 31st. The software maker reported $0.39 EPS for the quarter, hitting analysts’ consensus estimates of $0.39. Cadence Design Systems had a net margin of 10.50% and a return on equity of 31.28%. The business had revenue of $501.70 million for the quarter, compared to analyst estimates of $496.20 million. During the same period last year, the firm earned $0.34 earnings per share. Cadence Design Systems’s revenue for the quarter was up 7.0% compared to the same quarter last year. equities analysts anticipate that Cadence Design Systems Inc will post 0.85 EPS for the current fiscal year.
In other Cadence Design Systems news, President Anirudh Devgan sold 44,526 shares of the firm’s stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $45.01, for a total value of $2,004,115.26. Following the transaction, the president now directly owns 377,019 shares of the company’s stock, valued at approximately $16,969,625.19. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO John M. Wall sold 750 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $37.93, for a total transaction of $28,447.50. Following the completion of the sale, the chief financial officer now owns 129,673 shares in the company, valued at $4,918,496.89. The disclosure for this sale can be found here. Over the last three months, insiders sold 256,776 shares of company stock worth $11,313,793. Insiders own 2.55% of the company’s stock.
A number of research firms recently weighed in on CDNS. KeyCorp reissued a “hold” rating on shares of Cadence Design Systems in a research note on Sunday, November 26th. BidaskClub raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Wednesday, January 10th. Credit Suisse Group reissued a “neutral” rating and set a $43.00 price objective (up previously from $37.00) on shares of Cadence Design Systems in a research report on Thursday, February 1st. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a research report on Wednesday, November 1st. Finally, DA Davidson increased their target price on shares of Cadence Design Systems to $43.00 and gave the stock a “neutral” rating in a report on Monday, October 30th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. Cadence Design Systems has an average rating of “Hold” and an average target price of $44.20.
Cadence Design Systems Profile
Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).
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