Intech Investment Management LLC Purchases 499 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Intech Investment Management LLC lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,166 shares of the software maker’s stock after purchasing an additional 499 shares during the period. Intech Investment Management LLC’s holdings in Cadence Design Systems were worth $3,839,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Missouri Trust & Investment Co purchased a new position in shares of Cadence Design Systems in the 3rd quarter worth approximately $27,000. ORG Partners LLC boosted its position in Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after purchasing an additional 82 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in Cadence Design Systems in the third quarter worth $28,000. Chilton Capital Management LLC increased its position in shares of Cadence Design Systems by 244.0% during the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after purchasing an additional 122 shares during the last quarter. Finally, Meeder Asset Management Inc. increased its position 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 purchasing an additional 47 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $276.00, for a total value of $179,400.00. Following the sale, the vice president now owns 61,111 shares of the company’s stock, valued at $16,866,636. This trade represents a 1.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Karna Nisewaner sold 659 shares of Cadence Design Systems stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $181,870.82. Following the sale, the senior vice president now owns 16,029 shares of the company’s stock, valued at approximately $4,423,683.42. This trade represents a 3.95 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,634 shares of company stock valued at $4,217,635. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Up 1.7 %

CDNS stock opened at $311.87 on Friday. The stock has a 50-day simple moving average of $278.58 and a two-hundred day simple moving average of $283.62. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The firm has a market capitalization of $85.53 billion, a PE ratio of 81.86, a PEG ratio of 4.16 and a beta of 1.02. 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 issued its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the previous year, the company earned $1.01 earnings per share. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. On average, equities analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Berenberg Bank started coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target for the company. Loop Capital initiated coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 target price for the company. Mizuho began coverage on shares of Cadence Design Systems in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target on the stock. Needham & Company LLC reduced their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Finally, Oppenheimer began coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $326.00.

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.