Cadence Design Systems, Inc. (NASDAQ:CDNS) Stake Boosted by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 30.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 68,141 shares of the software maker’s stock after purchasing an additional 15,929 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Cadence Design Systems were worth $18,468,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in CDNS. Park National Corp OH boosted its position in shares of Cadence Design Systems by 19.8% during the second quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock worth $41,931,000 after buying an additional 22,537 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Cadence Design Systems by 48.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after buying an additional 310,250 shares during the period. SG Americas Securities LLC boosted its position in shares of Cadence Design Systems by 88.4% during the second quarter. SG Americas Securities LLC now owns 54,022 shares of the software maker’s stock worth $16,625,000 after buying an additional 25,347 shares during the period. Teamwork Financial Advisors LLC boosted its position in shares of Cadence Design Systems by 19.4% during the third quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock worth $3,559,000 after buying an additional 2,136 shares during the period. Finally, Vontobel Holding Ltd. boosted its position in shares of Cadence Design Systems by 5.3% during the third quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker’s stock worth $61,957,000 after buying an additional 11,568 shares during the period. 84.85% of the stock is owned by institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other news, SVP Karna Nisewaner sold 659 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $181,870.82. Following the transaction, the senior vice president now directly owns 16,029 shares of the company’s stock, valued at approximately $4,423,683.42. This represents a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total transaction of $173,478.50. Following the completion of the transaction, the vice president now directly owns 64,544 shares in the company, valued at $17,226,148.16. This trade represents a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,634 shares of company stock valued at $1,558,535 in the last three months. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $306.81 on Friday. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The stock has a fifty day moving average of $281.92 and a 200-day moving average of $284.43. The company has a market capitalization of $84.15 billion, a PE ratio of 80.53, a price-to-earnings-growth ratio of 4.14 and a beta of 1.02. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the firm earned $1.01 EPS. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CDNS. Oppenheimer began coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective for the company. Robert W. Baird boosted their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Mizuho began coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 target price for the company. Finally, Wells Fargo & Company began coverage on Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $326.00.

About Cadence Design Systems

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.