Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by ICICI Prudential Asset Management Co Ltd

ICICI Prudential Asset Management Co Ltd boosted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 19.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,574 shares of the software maker’s stock after purchasing an additional 585 shares during the period. ICICI Prudential Asset Management Co Ltd’s holdings in Cadence Design Systems were worth $969,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. ORG Partners LLC lifted its stake in Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after purchasing an additional 82 shares during the last quarter. Missouri Trust & Investment Co acquired a new stake in shares of Cadence Design Systems during the third quarter valued at approximately $27,000. Chilton Capital Management LLC raised its holdings in shares of Cadence Design Systems by 244.0% during the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after acquiring an additional 122 shares during the period. Larson Financial Group LLC raised its holdings in shares of Cadence Design Systems by 159.7% during the second quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock valued at $62,000 after acquiring an additional 123 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Cadence Design Systems during the second quarter valued at approximately $69,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Up 1.3 %

Shares of CDNS traded up $3.97 during mid-day trading on Wednesday, hitting $301.74. 195,527 shares of the company’s stock were exchanged, compared to its average volume of 1,767,608. The firm has a fifty day moving average of $271.56 and a two-hundred day moving average of $282.41. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The stock has a market cap of $82.76 billion, a price-to-earnings ratio of 79.38, a P/E/G ratio of 3.68 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 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 net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the prior year, the business posted $1.01 EPS. Cadence Design Systems’s quarterly revenue was up 18.8% on a year-over-year basis. On average, sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the completion of the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $26,366,954.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the completion of the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $26,366,954.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Karna Nisewaner sold 1,213 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $279.49, for a total transaction of $339,021.37. Following the sale, the senior vice president now directly owns 17,617 shares of the company’s stock, valued at approximately $4,923,775.33. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 28,347 shares of company stock valued at $7,734,616. Company insiders own 0.62% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Robert W. Baird boosted their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. 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 price target on the stock. Mizuho assumed coverage on shares of Cadence Design Systems in a report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target on the stock. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Loop Capital initiated coverage on shares of Cadence Design Systems in a research note on Monday. They issued a “buy” rating and a $360.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.

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.