Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Covea Finance

Covea Finance lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 28.4% during the 4th quarter, Holdings Channel.com reports. The fund owned 55,998 shares of the software maker’s stock after acquiring an additional 12,400 shares during the period. Covea Finance’s holdings in Cadence Design Systems were worth $16,825,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Missouri Trust & Investment Co purchased a new stake in shares of Cadence Design Systems in the 3rd quarter valued at $27,000. MidAtlantic Capital Management Inc. acquired a new position in Cadence Design Systems during the third quarter valued at $28,000. Versant Capital Management Inc boosted its holdings in Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after purchasing an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC grew its position in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after purchasing an additional 60 shares during the period. Finally, Meeder Asset Management Inc. raised its stake in shares of Cadence Design Systems by 30.3% during the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after buying an additional 47 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $276.00, for a total value of $179,400.00. Following the transaction, the vice president now directly owns 61,111 shares in the company, valued at approximately $16,866,636. This represents a 1.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Paul Scannell sold 3,171 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the completion of the transaction, the vice president now owns 14,318 shares of the company’s stock, valued at $4,378,158.04. The trade was a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 108,416 shares of company stock valued at $33,528,267. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Trading Up 0.6 %

Shares of CDNS opened at $294.19 on Wednesday. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The stock has a market cap of $80.69 billion, a PE ratio of 77.22, a price-to-earnings-growth ratio of 4.16 and a beta of 1.04. The firm’s fifty day moving average is $304.32 and its two-hundred day moving average is $285.20. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

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

Analyst Ratings Changes

A number of brokerages have recently commented on CDNS. Needham & Company LLC lowered their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Loop Capital initiated coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 price objective on the stock. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price for the company. Mizuho raised their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Finally, Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus target price of $329.50.

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.