Zurcher Kantonalbank Zurich Cantonalbank Acquires 147,079 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 273.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 200,893 shares of the software maker’s stock after buying an additional 147,079 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Cadence Design Systems were worth $54,448,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. ORG Partners LLC raised its position 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 worth $28,000 after acquiring an additional 82 shares in the last quarter. Missouri Trust & Investment Co bought a new stake in Cadence Design Systems in the 3rd quarter valued at about $27,000. MidAtlantic Capital Management Inc. bought a new stake in Cadence Design Systems in the 3rd quarter valued at about $28,000. Chilton Capital Management LLC increased its position in Cadence Design Systems by 244.0% in the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after buying an additional 122 shares in the last quarter. Finally, Larson Financial Group LLC increased its position in Cadence Design Systems by 159.7% in the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock valued at $62,000 after buying an additional 123 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $304.68 on Thursday. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The stock’s 50 day moving average price is $280.77 and its 200-day moving average price is $284.12. The company has a market capitalization of $83.56 billion, a PE ratio of 79.97, a PEG ratio of 4.24 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 announced its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.01 EPS. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insider Buying and Selling

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $413,970.00. Following the sale, the director now owns 43,551 shares of the company’s stock, valued at $12,019,204.98. The trade was a 3.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the sale, the vice president now directly owns 61,111 shares in the company, valued at $16,866,636. The trade was a 1.05 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,634 shares of company stock valued at $1,558,535. 0.62% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Loop Capital assumed coverage on Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price for the company. Oppenheimer assumed coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price for the company. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research report on Tuesday, August 6th. Wells Fargo & Company assumed coverage on Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price for the company. Finally, Robert W. Baird lifted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target 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.