Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by TCW Group Inc.

TCW Group Inc. boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 77.5% in the 3rd quarter, Holdings Channel reports. The firm owned 463,988 shares of the software maker’s stock after buying an additional 202,578 shares during the quarter. Cadence Design Systems accounts for approximately 1.1% of TCW Group Inc.’s portfolio, making the stock its 25th biggest position. TCW Group Inc.’s holdings in Cadence Design Systems were worth $125,755,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of CDNS. Missouri Trust & Investment Co purchased a new stake in shares of Cadence Design Systems during the 3rd quarter valued at about $27,000. ORG Partners LLC raised its stake in shares of Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after purchasing an additional 82 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in shares of Cadence Design Systems during the third quarter worth $28,000. Prestige Wealth Management Group LLC boosted its stake in shares of Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after purchasing an additional 60 shares during the period. Finally, Chilton Capital Management LLC grew its holdings in 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 in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on CDNS shares. Needham & Company LLC cut their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Wells Fargo & Company assumed coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective on the stock. Oppenheimer started coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company. Finally, Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $326.00.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $302.86 on Wednesday. The company has a market cap of $83.06 billion, a P/E ratio of 79.49, a PEG ratio of 4.17 and a beta of 1.03. The business has a 50 day moving average of $286.53 and a two-hundred day moving average of $285.22. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. 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 released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the firm posted $1.01 EPS. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insider Buying and Selling

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $413,970.00. Following the sale, the director now directly owns 43,551 shares in the company, valued at $12,019,204.98. This trade represents a 3.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Karna Nisewaner sold 659 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $181,870.82. Following the transaction, the senior vice president now owns 16,029 shares of the company’s stock, valued at $4,423,683.42. This trade represents a 3.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,634 shares of company stock valued at $1,584,080 in the last quarter. Company insiders own 0.62% of the company’s stock.

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.