Cadence Design Systems, Inc. $CDNS Shares Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 15.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 164,739 shares of the software maker’s stock after acquiring an additional 21,745 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Cadence Design Systems were worth $57,866,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of CDNS. Barrett & Company Inc. bought a new stake in shares of Cadence Design Systems in the second quarter worth $31,000. Robbins Farley acquired a new position in Cadence Design Systems in the third quarter valued at approximately $35,000. Strategic Wealth Investment Group LLC bought a new position in Cadence Design Systems in the 2nd quarter valued at about $32,000. Promus Capital LLC acquired a new stake in Cadence Design Systems in the second quarter worth approximately $33,000. Finally, Heartwood Wealth Advisors LLC acquired a new stake in Cadence Design Systems during the 3rd quarter worth about $39,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 0.7%

Shares of CDNS opened at $320.49 on Thursday. The stock has a market cap of $87.24 billion, a PE ratio of 82.60, a P/E/G ratio of 3.55 and a beta of 1.02. The company has a quick ratio of 2.84, a current ratio of 3.05 and a debt-to-equity ratio of 0.48. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $376.45. The business’s 50-day moving average price is $317.96 and its 200-day moving average price is $333.28.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 27th. The software maker reported $1.93 EPS for the quarter, topping the consensus estimate of $1.79 by $0.14. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.13%. The company had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the firm earned $1.64 earnings per share. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $315.70, for a total value of $315,700.00. Following the transaction, the vice president owned 96,067 shares of the company’s stock, valued at $30,328,351.90. This trade represents a 1.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John M. Wall sold 27,805 shares of the company’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $318.57, for a total transaction of $8,857,838.85. Following the sale, the chief financial officer owned 69,957 shares in the company, valued at $22,286,201.49. This represents a 28.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 62,025 shares of company stock valued at $20,369,946 over the last ninety days. Insiders own 0.37% of the company’s stock.

Analyst Ratings Changes

CDNS has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their price target on shares of Cadence Design Systems from $390.00 to $405.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 28th. Rosenblatt Securities lifted their target price on Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a research note on Tuesday, October 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $390.00 price target on shares of Cadence Design Systems in a research note on Monday, December 22nd. Citigroup assumed coverage on shares of Cadence Design Systems in a research note on Monday, November 24th. They issued a “buy” rating and a $385.00 target price for the company. Finally, Oppenheimer raised Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price objective on the stock in a research note on Monday, December 1st. Thirteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $379.59.

About Cadence Design Systems

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.