Intact Investment Management Inc. Takes Position in Cadence Design Systems Inc (CDNS)

Intact Investment Management Inc. bought a new position in Cadence Design Systems Inc (NASDAQ:CDNS) in the third quarter, according to the company in its most recent disclosure with the SEC. The fund bought 4,800 shares of the software maker’s stock, valued at approximately $218,000.

A number of other large investors also recently bought and sold shares of CDNS. Fort L.P. bought a new stake in Cadence Design Systems in the 2nd quarter worth approximately $119,000. Signaturefd LLC grew its position in Cadence Design Systems by 160.0% in the 2nd quarter. Signaturefd LLC now owns 4,573 shares of the software maker’s stock worth $198,000 after purchasing an additional 2,814 shares during the period. Conning Inc. bought a new stake in Cadence Design Systems in the 2nd quarter worth approximately $217,000. Cambridge Investment Research Advisors Inc. bought a new stake in Cadence Design Systems in the 2nd quarter worth approximately $254,000. Finally, Zacks Investment Management bought a new stake in Cadence Design Systems in the 2nd quarter worth approximately $261,000. 87.25% of the stock is owned by institutional investors and hedge funds.

Shares of Cadence Design Systems stock opened at $44.38 on Wednesday. The firm has a market cap of $12.84 billion, a PE ratio of 41.87, a price-to-earnings-growth ratio of 3.17 and a beta of 1.13. Cadence Design Systems Inc has a 1-year low of $35.49 and a 1-year high of $47.40. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.58 and a current ratio of 1.64.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 22nd. The software maker reported $0.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.08. The business had revenue of $532.47 million for the quarter, compared to analysts’ expectations of $516.50 million. Cadence Design Systems had a net margin of 11.25% and a return on equity of 28.44%. The company’s revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.35 EPS. As a group, equities analysts expect that Cadence Design Systems Inc will post 1.16 EPS for the current fiscal year.

In related news, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $45.33, for a total transaction of $4,533,000.00. Following the transaction, the chief executive officer now owns 552,813 shares in the company, valued at approximately $25,059,013.29. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Anirudh Devgan sold 20,476 shares of Cadence Design Systems stock in a transaction on Friday, September 21st. The shares were sold at an average price of $45.73, for a total transaction of $936,367.48. Following the transaction, the president now owns 335,170 shares in the company, valued at approximately $15,327,324.10. The disclosure for this sale can be found here. Insiders have sold a total of 280,476 shares of company stock worth $12,829,314 in the last quarter. Corporate insiders own 2.28% of the company’s stock.

A number of research firms have commented on CDNS. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “strong-buy” rating and set a $54.00 target price for the company in a research report on Thursday, October 25th. BidaskClub cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, July 31st. JPMorgan Chase & Co. lifted their price target on shares of Cadence Design Systems from $42.00 to $49.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 24th. Credit Suisse Group lifted their price target on shares of Cadence Design Systems from $44.00 to $46.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 24th. Finally, Benchmark upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $51.00 price target on the stock in a research note on Tuesday, October 23rd. Four research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $50.86.

About Cadence Design Systems

Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis 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 simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.

Featured Story: What is a Stop Order?

Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems Inc (NASDAQ:CDNS).

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply