Family CFO Inc Acquires 2,138 Shares of Cadence Design Systems, Inc. $CDNS

Family CFO Inc acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 2,138 shares of the software maker’s stock, valued at approximately $706,000.

Other institutional investors also recently bought and sold shares of the company. Van ECK Associates Corp raised its holdings in shares of Cadence Design Systems by 21.8% in the second quarter. Van ECK Associates Corp now owns 4,889,765 shares of the software maker’s stock valued at $1,835,227,000 after buying an additional 874,392 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Cadence Design Systems by 1.5% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,385,655 shares of the software maker’s stock worth $1,270,704,000 after buying an additional 48,937 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Cadence Design Systems by 1,097.5% during the third quarter. Assenagon Asset Management S.A. now owns 2,818,141 shares of the software maker’s stock worth $930,522,000 after buying an additional 2,582,812 shares during the last quarter. Amundi grew its holdings in shares of Cadence Design Systems by 3.8% during the first quarter. Amundi now owns 2,060,334 shares of the software maker’s stock worth $572,488,000 after buying an additional 75,492 shares during the last quarter. Finally, Legal & General Group Plc acquired a new position in Cadence Design Systems in the 2nd quarter valued at about $702,615,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on CDNS. Needham & Company LLC upped their price objective on Cadence Design Systems from $400.00 to $430.00 and gave the company a “buy” rating in a research note on Tuesday, October 27th. Bank of America lifted their target price on Cadence Design Systems from $400.00 to $420.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Rothschild & Co Redburn upped their price target on Cadence Design Systems from $385.00 to $395.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. The Goldman Sachs Group increased their price target on Cadence Design Systems from $410.00 to $470.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Cadence Design Systems from $405.00 to $420.00 and gave the company an “overweight” rating in a research report on Tuesday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus target price of $410.05.

Insiders Place Their Bets

In related news, VP Paul Scannell sold 280 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $339.00, for a total value of $94,920.00. Following the sale, the vice president directly owned 31,720 shares in the company, valued at $10,753,080. The trade was a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $285.51, for a total value of $51,391.80. Following the transaction, the director directly owned 7,824 shares in the company, valued at $2,233,830.24. This represents a 2.25% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 8,960 shares of company stock valued at $2,834,139. Corporate insiders own 0.49% of the company’s stock.

Cadence Design Systems Trading Down 1.7%

Shares of Cadence Design Systems stock opened at $323.75 on Wednesday. The firm has a market cap of $88.83 billion, a price-to-earnings ratio of 64.36, a price-to-earnings-growth ratio of 3.12 and a beta of 1.10. Cadence Design Systems, Inc. has a 52-week low of $262.75 and a 52-week high of $416.69. The company’s 50-day simple moving average is $320.90 and its 200-day simple moving average is $327.36. The company has a quick ratio of 1.18, a current ratio of 1.36 and a debt-to-equity ratio of 0.29.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, beating analysts’ consensus estimates of $2.05 by $0.06. Cadence Design Systems had a net margin of 22.51% and a return on equity of 26.56%. The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter last year, the firm earned $1.93 earnings per share. The firm’s revenue was up 22.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current year.

About Cadence Design Systems

Cadence Design Systems, Inc develops computational software, hardware, and semiconductor intellectual property used to design and verify electronic systems and integrated circuits. Its electronic design automation (EDA) solutions support chip development across areas such as digital and custom IC design, functional verification, emulation, prototyping, and system analysis.

The company also provides semiconductor IP, including processor cores, interconnect technologies, memory interfaces, and other building blocks that help customers develop complex chips.