Corundum Group Inc. Makes New Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Corundum Group Inc. acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 798 shares of the software maker’s stock, valued at approximately $216,000.

Several other institutional investors and hedge funds have also modified their holdings of CDNS. Allspring Global Investments Holdings LLC boosted its holdings in shares of Cadence Design Systems by 26.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 711,880 shares of the software maker’s stock valued at $192,941,000 after buying an additional 148,383 shares during the period. Whitaker Myers Wealth Managers LTD. raised its holdings in shares of Cadence Design Systems by 9.2% during the third quarter. Whitaker Myers Wealth Managers LTD. now owns 1,260 shares of the software maker’s stock worth $341,000 after acquiring an additional 106 shares during the period. Chicago Capital LLC lifted its position in Cadence Design Systems by 4.4% in the 3rd quarter. Chicago Capital LLC now owns 47,412 shares of the software maker’s stock valued at $12,850,000 after acquiring an additional 2,008 shares in the last quarter. Meridiem Investment Management Ltd. acquired a new position in Cadence Design Systems in the 3rd quarter worth $129,285,000. Finally, Slow Capital Inc. boosted its position in shares of Cadence Design Systems by 0.5% during the third quarter. Slow Capital Inc. now owns 10,315 shares of the software maker’s stock worth $2,796,000 after buying an additional 51 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Stock Down 1.7 %

CDNS opened at $258.52 on Monday. The stock’s fifty day simple moving average is $269.59 and its 200 day simple moving average is $284.50. Cadence Design Systems, Inc. has a 1-year low of $228.66 and a 1-year high of $328.99. The stock has a market cap of $70.43 billion, a PE ratio of 67.32, a price-to-earnings-growth ratio of 3.37 and a beta of 1.02. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter last year, the company posted $0.94 EPS. Cadence Design Systems’s quarterly revenue was up 8.6% compared to the same quarter last year. As a group, research analysts expect that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the transaction, the vice president now owns 65,194 shares in the company, valued at approximately $17,357,250.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.24, for a total value of $414,360.00. Following the transaction, the director now directly owns 45,051 shares in the company, valued at approximately $12,444,888.24. This represents a 0.00 % 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 Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the sale, the vice president now owns 65,194 shares of the company’s stock, valued at $17,357,250.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,347 shares of company stock worth $7,728,272 over the last three months. Insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

CDNS has been the topic of a number of recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, October 7th. Oppenheimer assumed coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company. Robert W. Baird decreased their target price 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, July 23rd. Finally, Berenberg Bank began 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 on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $323.27.

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.