TD Asset Management Inc. Grows Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

TD Asset Management Inc. grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.2% in the 4th quarter, Holdings Channel.com reports. The fund owned 368,347 shares of the software maker’s stock after acquiring an additional 4,369 shares during the quarter. TD Asset Management Inc.’s holdings in Cadence Design Systems were worth $110,674,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Raymond James Financial Inc. acquired a new stake in Cadence Design Systems during the 4th quarter worth $171,991,000. Principal Financial Group Inc. increased its position in Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after acquiring an additional 501,833 shares during the period. Manning & Napier Advisors LLC acquired a new stake in Cadence Design Systems during the 4th quarter worth approximately $148,594,000. Proficio Capital Partners LLC acquired a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $129,546,000. Finally, Jensen Investment Management Inc. purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth approximately $126,571,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Bank of America dropped their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Oppenheimer cut their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a report on Wednesday, March 19th. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective for the company. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Finally, Piper Sandler upped their price target on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $324.83.

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now owns 58,773 shares of the company’s stock, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 101,021 shares of company stock valued at $31,229,155. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $269.11 on Wednesday. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99. The stock has a market cap of $73.77 billion, a PE ratio of 69.72, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The business’s fifty day moving average price is $277.00 and its two-hundred day moving average price is $284.46. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. On average, analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

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.