Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by National Bank of Canada FI

National Bank of Canada FI increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 50.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm 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’s holdings in Cadence Design Systems were worth $68,666,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. OFI Invest Asset Management acquired a new position in shares of Cadence Design Systems during the 3rd quarter worth about $26,000. Valley National Advisers Inc. lifted its position in shares of Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after acquiring an additional 47 shares in the last quarter. Fortitude Family Office LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth approximately $28,000. Rakuten Securities Inc. acquired a new position in Cadence Design Systems in the 4th quarter valued at $45,000. Finally, Catalyst Capital Advisors LLC lifted its holdings in Cadence Design Systems by 34.7% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock valued at $47,000 after purchasing an additional 52 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the completion of the sale, the senior vice president now owns 20,480 shares in the company, valued at $5,639,372.80. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $165,216.00. Following the transaction, the senior vice president now directly owns 20,480 shares in the company, valued at $5,639,372.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $275,360.00. Following the transaction, the vice president now directly owns 67,144 shares in the company, valued at approximately $18,488,771.84. The disclosure for this sale can be found here. Insiders have sold 174,566 shares of company stock worth $52,649,105 in the last quarter. 1.99% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on CDNS. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Friday, April 19th. Piper Sandler dropped their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday, April 23rd. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. Finally, Robert W. Baird lifted their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $326.11.

Cadence Design Systems Trading Up 1.9 %

Cadence Design Systems stock traded up $5.19 during midday trading on Friday, reaching $281.63. 1,371,195 shares of the stock traded hands, compared to its average volume of 1,806,029. The company has a 50-day simple moving average of $302.02 and a two-hundred day simple moving average of $282.59. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The firm has a market cap of $76.64 billion, a PE ratio of 73.34, a price-to-earnings-growth ratio of 3.32 and a beta of 1.06. Cadence Design Systems, Inc. has a 12-month low of $198.92 and a 12-month high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same quarter in the prior year, the business posted $1.02 EPS. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. Research analysts expect that Cadence Design Systems, Inc. will post 4.78 earnings per share 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.