Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 126.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 95,865 shares of the software maker’s stock after acquiring an additional 53,555 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Cadence Design Systems were worth $25,982,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Blueshift Asset Management LLC raised its holdings in Cadence Design Systems by 67.6% in the 3rd quarter. Blueshift Asset Management LLC now owns 1,902 shares of the software maker’s stock valued at $515,000 after buying an additional 767 shares during the period. Townsquare Capital LLC increased its stake in Cadence Design Systems by 35.8% during the third quarter. Townsquare Capital LLC now owns 4,664 shares of the software maker’s stock worth $1,264,000 after purchasing an additional 1,229 shares during the period. Thematics Asset Management increased its stake in Cadence Design Systems by 7.8% during the third quarter. Thematics Asset Management now owns 157,520 shares of the software maker’s stock worth $42,693,000 after purchasing an additional 11,445 shares during the period. J. Stern & Co. LLP purchased a new stake in Cadence Design Systems during the third quarter worth about $1,510,000. Finally, Lazard Freres Gestion S.A.S. increased its stake in Cadence Design Systems by 157.4% during the third quarter. Lazard Freres Gestion S.A.S. now owns 13,900 shares of the software maker’s stock worth $3,767,000 after purchasing an additional 8,500 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the completion of the sale, the director now owns 43,551 shares in the company, valued at $12,019,204.98. This represents a 3.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total value of $173,478.50. Following the sale, the vice president now owns 64,544 shares of the company’s stock, valued at $17,226,148.16. This trade represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,634 shares of company stock valued at $1,558,535. 0.62% of the stock is currently owned by company insiders.

Cadence Design Systems Price Performance

CDNS stock opened at $304.68 on Friday. The company has a market capitalization of $83.56 billion, a P/E ratio of 79.97, a PEG ratio of 4.24 and a beta of 1.02. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The business has a 50 day simple moving average of $281.26 and a 200-day simple moving average of $284.26. The company has a current ratio of 2.45, a quick ratio of 2.27 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. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.01 earnings per share. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CDNS. Robert W. Baird boosted 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. Oppenheimer began coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price 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 target price on the stock. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price on the stock. Finally, Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research note on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $326.00.

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.