EFG Asset Management North America Corp. Has $5.68 Million Stock Position in Cadence Design Systems, Inc. $CDNS

EFG Asset Management North America Corp. boosted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 22.3% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 16,172 shares of the software maker’s stock after buying an additional 2,949 shares during the quarter. EFG Asset Management North America Corp.’s holdings in Cadence Design Systems were worth $5,682,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CDNS. Vanguard Group Inc. raised its stake in shares of Cadence Design Systems by 1.0% during the second quarter. Vanguard Group Inc. now owns 26,595,861 shares of the software maker’s stock worth $8,195,515,000 after buying an additional 256,719 shares during the last quarter. State Street Corp grew its holdings in Cadence Design Systems by 1.4% during the 2nd quarter. State Street Corp now owns 12,318,585 shares of the software maker’s stock worth $3,795,972,000 after acquiring an additional 172,551 shares during the period. Jennison Associates LLC raised its position in shares of Cadence Design Systems by 3.0% during the 2nd quarter. Jennison Associates LLC now owns 9,338,102 shares of the software maker’s stock valued at $2,877,536,000 after acquiring an additional 273,149 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Cadence Design Systems by 1.2% during the 2nd quarter. Geode Capital Management LLC now owns 6,363,734 shares of the software maker’s stock valued at $1,952,771,000 after acquiring an additional 77,478 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Cadence Design Systems by 16.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,314,407 shares of the software maker’s stock valued at $1,866,739,000 after purchasing an additional 731,788 shares during the period. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Shares of CDNS opened at $322.02 on Tuesday. The stock has a 50 day simple moving average of $317.39 and a 200 day simple moving average of $333.38. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $376.45. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.84 and a current ratio of 3.05. The firm has a market capitalization of $87.65 billion, a PE ratio of 83.00, a P/E/G ratio of 3.55 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last announced 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 firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period last year, the company posted $1.64 EPS. The business’s quarterly revenue was up 10.1% on a year-over-year basis. Sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently commented on CDNS. Robert W. Baird lifted their price objective on Cadence Design Systems from $390.00 to $418.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 28th. Needham & Company LLC restated a “buy” rating and set a $390.00 target price on shares of Cadence Design Systems in a research report on Monday, December 22nd. JPMorgan Chase & Co. upped their price target on Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. Weiss Ratings reissued a “hold (c)” rating on shares of Cadence Design Systems in a research note on Monday, December 29th. Finally, Oppenheimer raised shares of Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 target price for the company in a research note on Monday, December 1st. Thirteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $379.59.

Insider Activity at Cadence Design Systems

In related news, CFO John M. Wall sold 27,805 shares of the company’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $318.57, for a total value of $8,857,838.85. Following the completion of the transaction, the chief financial officer directly owned 69,957 shares of the company’s stock, valued at approximately $22,286,201.49. This represents a 28.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Scannell sold 5,490 shares of the stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $339.43, for a total value of $1,863,470.70. Following the transaction, the vice president owned 20,321 shares of the company’s stock, valued at approximately $6,897,557.03. This trade represents a 21.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 62,025 shares of company stock valued at $20,369,946 over the last three months. Insiders own 0.37% of the company’s stock.

Cadence Design Systems Profile

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.