Investment Management Corp of Ontario Grows Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Investment Management Corp of Ontario lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 47.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,038 shares of the software maker’s stock after purchasing an additional 2,900 shares during the period. Investment Management Corp of Ontario’s holdings in Cadence Design Systems were worth $2,450,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Dudley Capital Management LLC lifted its position in shares of Cadence Design Systems by 4.3% during the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock worth $257,000 after purchasing an additional 39 shares during the last quarter. Trust Point Inc. raised its stake in Cadence Design Systems by 2.9% during the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after acquiring an additional 40 shares in the last quarter. Falcon Wealth Planning raised its stake in Cadence Design Systems by 5.1% during the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock worth $222,000 after acquiring an additional 40 shares in the last quarter. Fifth Third Wealth Advisors LLC raised its stake in Cadence Design Systems by 0.7% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after acquiring an additional 40 shares in the last quarter. Finally, Venture Visionary Partners LLC raised its stake in Cadence Design Systems by 2.5% during the 3rd quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock worth $463,000 after acquiring an additional 41 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated 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 approximately $12,019,204.98. The trade was a 3.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the sale, the vice president now directly owns 60,461 shares in the company, valued at $18,512,553.59. This trade represents a 1.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,634 shares of company stock valued at $1,584,080. Corporate insiders own 0.62% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on CDNS. Loop Capital began coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 price target on the stock. Berenberg Bank began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective on the stock. Finally, Oppenheimer began coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $326.00.

Cadence Design Systems Stock Up 3.6 %

Shares of NASDAQ:CDNS opened at $324.54 on Thursday. The company has a market cap of $89.01 billion, a price-to-earnings ratio of 85.18, a PEG ratio of 4.21 and a beta of 1.03. The firm’s 50-day simple moving average is $284.49 and its 200-day simple moving average is $284.97. 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, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.01 earnings per share. As a group, equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

About Cadence Design Systems

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.