Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by E Fund Management Co. Ltd.

E Fund Management Co. Ltd. grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 20.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,474 shares of the software maker’s stock after purchasing an additional 943 shares during the quarter. E Fund Management Co. Ltd.’s holdings in Cadence Design Systems were worth $1,685,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ulland Investment Advisors LLC acquired a new stake in shares of Cadence Design Systems in the 1st quarter valued at $25,000. RiverPark Advisors LLC acquired a new stake in shares of Cadence Design Systems in the 1st quarter valued at $26,000. ORG Partners LLC raised its holdings in shares of Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after purchasing an additional 82 shares in the last quarter. Annapolis Financial Services LLC acquired a new stake in shares of Cadence Design Systems in the 1st quarter valued at $32,000. Finally, Union Savings Bank acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at $33,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Trading Up 0.6 %

Shares of Cadence Design Systems stock opened at $274.79 on Wednesday. Cadence Design Systems, Inc. has a 1 year low of $227.05 and a 1 year high of $328.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The company has a market capitalization of $74.86 billion, a P/E ratio of 71.56, a PEG ratio of 3.19 and a beta of 1.02. The company’s fifty day moving average is $272.06 and its two-hundred day moving average is $291.01.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same period last year, the firm posted $0.94 EPS. Cadence Design Systems’s revenue for the quarter was up 8.6% on a year-over-year basis. Analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Insider Activity

In other news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $305.84, for a total value of $3,058,400.00. Following the sale, the vice president now owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $305.84, for a total value of $3,058,400.00. Following the sale, the vice president now owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the sale, the senior vice president now directly owns 19,280 shares in the company, valued at approximately $5,933,420. The disclosure for this sale can be found here. Insiders have sold a total of 36,113 shares of company stock valued at $10,237,521 over the last quarter. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, August 6th. KeyCorp lifted their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Robert W. Baird cut their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Finally, Bank of America lifted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $334.56.

Cadence Design Systems Company 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.