BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Raises Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 30.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 68,141 shares of the software maker’s stock after purchasing an additional 15,929 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Cadence Design Systems were worth $18,468,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Dudley Capital Management LLC boosted its holdings in Cadence Design Systems by 4.3% in the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock valued at $257,000 after acquiring an additional 39 shares during the last quarter. Trust Point Inc. boosted its holdings in Cadence Design Systems by 2.9% in the third quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock valued at $379,000 after acquiring an additional 40 shares during the last quarter. Falcon Wealth Planning boosted its holdings in Cadence Design Systems by 5.1% in the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after acquiring an additional 40 shares during the last quarter. Fifth Third Wealth Advisors LLC boosted its holdings in Cadence Design Systems by 0.7% in the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock valued at $1,501,000 after acquiring an additional 40 shares during the last quarter. Finally, Venture Visionary Partners LLC boosted its holdings in Cadence Design Systems by 2.5% in the third quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock valued at $463,000 after acquiring an additional 41 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 0.7 %

NASDAQ:CDNS opened at $306.81 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The business’s 50-day simple moving average is $281.92 and its 200 day simple moving average is $284.43. The stock has a market cap of $84.15 billion, a price-to-earnings ratio of 80.53, a price-to-earnings-growth ratio of 4.14 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the previous year, the firm posted $1.01 earnings per share. The company’s revenue was up 18.8% compared to the same quarter last year. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CDNS shares. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a report on Tuesday, August 6th. Oppenheimer started coverage on Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price on the stock. Loop Capital began coverage on Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price on the stock. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Finally, Robert W. Baird boosted their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.

Insider Buying and Selling

In related news, SVP Karna Nisewaner sold 659 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $181,870.82. Following the completion of the sale, the senior vice president now directly owns 16,029 shares of the company’s stock, valued at $4,423,683.42. The trade was a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the sale, the vice president now directly owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. This represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,634 shares of company stock worth $1,558,535. 1.99% of the stock is currently owned by corporate insiders.

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.