Capital International Inc. CA Acquires 1,104 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Capital International Inc. CA increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 24.1% in the first quarter, HoldingsChannel reports. The firm owned 5,694 shares of the software maker’s stock after buying an additional 1,104 shares during the period. Capital International Inc. CA’s holdings in Cadence Design Systems were worth $1,772,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after acquiring an additional 437,101 shares during the period. Jennison Associates LLC boosted its holdings in shares of Cadence Design Systems by 6.9% during the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after acquiring an additional 459,603 shares during the period. Norges Bank bought a new stake in shares of Cadence Design Systems during the fourth quarter worth approximately $1,141,059,000. Nordea Investment Management AB boosted its holdings in shares of Cadence Design Systems by 7.7% during the first quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock worth $636,172,000 after acquiring an additional 145,351 shares during the period. Finally, Van ECK Associates Corp boosted its holdings in shares of Cadence Design Systems by 25.4% during the first quarter. Van ECK Associates Corp now owns 1,986,413 shares of the software maker’s stock worth $618,330,000 after acquiring an additional 402,884 shares during the period. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

CDNS traded up $0.41 during trading on Friday, hitting $258.79. 2,605,433 shares of the stock traded hands, compared to its average volume of 1,908,584. Cadence Design Systems, Inc. has a twelve month low of $217.77 and a twelve month high of $328.99. The company has a market cap of $70.50 billion, a price-to-earnings ratio of 67.39, a PEG ratio of 3.11 and a beta of 1.03. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.19. The business has a 50 day moving average price of $301.12 and a 200 day moving average price of $297.81.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.94 earnings per share. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the sale, the director now owns 46,551 shares of the company’s stock, valued at $14,643,548.07. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $314.57, for a total value of $471,855.00. Following the sale, the director now owns 46,551 shares of the company’s stock, valued at $14,643,548.07. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Chin-Chi Teng sold 32,184 shares of the business’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at approximately $28,379,109.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,134 shares of company stock valued at $14,987,093. 1.99% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday. Wells Fargo & Company lifted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Piper Sandler reiterated a “neutral” rating and issued a $318.00 price target on shares of Cadence Design Systems in a research report on Wednesday, July 10th. Finally, Robert W. Baird dropped their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $334.56.

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.