Intact Investment Management Inc. Invests $60,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Intact Investment Management Inc. bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 200 shares of the software maker’s stock, valued at approximately $60,000.

A number of other hedge funds have also modified their holdings of CDNS. Swedbank AB grew its position 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 last quarter. Principal Financial Group Inc. lifted its holdings in shares of Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after purchasing an additional 501,833 shares during the period. Entropy Technologies LP purchased a new position in Cadence Design Systems in the 3rd quarter valued at $379,000. Huntington National Bank grew its position in Cadence Design Systems by 6.8% in the 3rd quarter. Huntington National Bank now owns 1,853 shares of the software maker’s stock valued at $502,000 after buying an additional 118 shares during the last quarter. Finally, Curi RMB Capital LLC purchased a new position in Cadence Design Systems in the 3rd quarter valued at $226,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CDNS. Bank of America lowered 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 report on Wednesday, February 19th. Piper Sandler lifted their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective on the stock. 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, Loop Capital decreased their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $326.92.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, CFO John M. Wall sold 4,224 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the transaction, the chief financial officer now owns 29,248 shares in the company, valued at $9,038,509.44. This represents a 12.62 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the transaction, the vice president now owns 59,311 shares of the company’s stock, valued at approximately $18,080,365.24. This represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 105,245 shares of company stock worth $32,534,498. 0.62% of the stock is currently owned by company insiders.

Cadence Design Systems Trading Up 2.4 %

NASDAQ CDNS opened at $247.43 on Friday. Cadence Design Systems, Inc. has a 12 month low of $230.09 and a 12 month high of $328.99. The company has a 50-day moving average of $282.52 and a 200-day moving average of $284.22. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The company has a market cap of $67.82 billion, a P/E ratio of 64.10, a P/E/G ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Cadence Design Systems Company 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.