Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Metis Global Partners LLC

Metis Global Partners LLC grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,115 shares of the software maker’s stock after purchasing an additional 133 shares during the period. Metis Global Partners LLC’s holdings in Cadence Design Systems were worth $3,012,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Swedbank AB bought a new position in Cadence Design Systems in the first quarter worth about $439,988,000. Principal Financial Group Inc. lifted its holdings in shares of Cadence Design Systems by 280.1% in the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after purchasing an additional 1,119,824 shares during the last quarter. Van ECK Associates Corp boosted its position in Cadence Design Systems by 26.1% during the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after purchasing an additional 572,251 shares during the period. Meridiem Investment Management Ltd. bought a new position in Cadence Design Systems during the 3rd quarter worth $129,285,000. Finally, 1832 Asset Management L.P. increased its position in Cadence Design Systems by 111.5% in the first quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock worth $266,583,000 after buying an additional 451,530 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CDNS has been the subject of several recent research reports. Oppenheimer initiated coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target for the company. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research note on Tuesday, August 6th. Berenberg Bank began coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Mizuho started coverage on Cadence Design Systems in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $326.00.

Insider Buying and Selling at Cadence Design Systems

In other news, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. This trade represents a 20.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the vice president now owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. This trade represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,634 shares of company stock valued at $4,217,635. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 1.1 %

Shares of Cadence Design Systems stock opened at $303.04 on Friday. The business has a fifty day simple moving average of $272.61 and a 200-day simple moving average of $282.58. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The firm has a market cap of $83.11 billion, a price-to-earnings ratio of 79.54, a price-to-earnings-growth ratio of 3.75 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 posted its quarterly earnings data 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. 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 during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the firm posted $1.01 EPS. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal 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.