Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Cibc World Markets Corp

Cibc World Markets Corp increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,315 shares of the software maker’s stock after purchasing an additional 6,282 shares during the quarter. Cibc World Markets Corp’s holdings in Cadence Design Systems were worth $14,817,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CDNS. Golden State Wealth Management LLC acquired a new stake in shares of Cadence Design Systems during the 4th quarter worth about $28,000. MidAtlantic Capital Management Inc. acquired a new stake in Cadence Design Systems during the third quarter worth approximately $28,000. Avalon Trust Co purchased a new stake in Cadence Design Systems in the 4th quarter worth approximately $39,000. Versant Capital Management Inc raised its holdings in Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after acquiring an additional 87 shares during the last quarter. Finally, OFI Invest Asset Management purchased a new position in shares of Cadence Design Systems during the 4th quarter worth $46,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CDNS. Rosenblatt Securities lifted their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Robert W. Baird decreased their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Finally, Bank of America decreased their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average price target of $326.92.

Cadence Design Systems Trading Up 3.1 %

NASDAQ:CDNS opened at $255.11 on Tuesday. Cadence Design Systems, Inc. has a 12 month low of $230.09 and a 12 month high of $328.99. The business’s 50-day moving average is $281.46 and its two-hundred day moving average is $284.30. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The firm has a market capitalization of $69.93 billion, a PE ratio of 66.09, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 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 company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the sale, the vice president now directly owns 59,311 shares in the company, valued at $18,080,365.24. This trade represents a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John M. Wall sold 4,224 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the transaction, the chief financial officer now owns 29,248 shares in the company, valued at approximately $9,038,509.44. This trade represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 105,245 shares of company stock valued at $32,534,498. Corporate insiders own 1.99% of the company’s stock.

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.