CIBC Asset Management Inc Has $26.46 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

CIBC Asset Management Inc grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 88,075 shares of the software maker’s stock after acquiring an additional 3,165 shares during the period. CIBC Asset Management Inc’s holdings in Cadence Design Systems were worth $26,463,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of CDNS. Creative Planning grew its stake in Cadence Design Systems by 9.1% in the 3rd quarter. Creative Planning now owns 48,389 shares of the software maker’s stock valued at $13,115,000 after buying an additional 4,038 shares during the last quarter. Swedbank AB boosted its holdings in shares of Cadence Design Systems by 15.1% during the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock worth $475,336,000 after acquiring an additional 230,672 shares during the period. Capital Investment Advisors LLC grew its position in shares of Cadence Design Systems by 17.7% in the third quarter. Capital Investment Advisors LLC now owns 5,906 shares of the software maker’s stock valued at $1,601,000 after purchasing an additional 889 shares during the last quarter. Corundum Group Inc. bought a new position in shares of Cadence Design Systems during the third quarter worth approximately $216,000. Finally, Bedrijfstakpensioenfonds Voor DE Media PNO lifted its holdings in Cadence Design Systems by 36.4% during the 3rd quarter. Bedrijfstakpensioenfonds Voor DE Media PNO now owns 52,500 shares of the software maker’s stock worth $14,229,000 after purchasing an additional 14,000 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $295.19 on Tuesday. The company has a 50 day moving average of $303.30 and a 200 day moving average of $286.56. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The stock has a market cap of $80.96 billion, a P/E ratio of 77.48, a P/E/G ratio of 3.50 and a beta of 1.03. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99.

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 5,920 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $16,987,930.96. This represents a 9.58 % decrease in their position. 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 Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the sale, the vice president now directly owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. This represents a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock valued at $33,538,875 in the last quarter. 1.99% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on CDNS. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price on the stock. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Redburn Atlantic initiated coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 target price for the company. Mizuho raised their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Finally, StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $326.08.

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.