247,081 Shares in Cadence Design Systems, Inc. $CDNS Bought by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments acquired 247,081 Cadence Design Systems shares worth approximately $81.6 million, while other institutional investors also increased or initiated positions. Institutions collectively own 84.85% of CDNS.
• Cadence reported quarterly earnings of $2.11 per share and revenue of $1.63 billion, exceeding analyst estimates; revenue increased 22% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $410.05, despite the stock trading down 4.3% and recent insider selling.

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 247,081 shares of the software maker's stock, valued at approximately $81,582,000. Mirae Asset Global Investments Co. Ltd. owned about 0.09% of Cadence Design Systems at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. George Kaiser Family Foundation acquired a new position in shares of Cadence Design Systems during the 2nd quarter valued at about $725,000. Vega Investment Solutions purchased a new stake in shares of Cadence Design Systems in the second quarter valued at about $1,957,000. MassMutual Private Wealth & Trust FSB increased its position in Cadence Design Systems by 65.7% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 26,160 shares of the software maker's stock worth $8,638,000 after purchasing an additional 10,376 shares during the last quarter. Park National Corp OH increased its position in Cadence Design Systems by 186.9% during the third quarter. Park National Corp OH now owns 372,703 shares of the software maker's stock worth $123,063,000 after purchasing an additional 242,816 shares during the last quarter. Finally, Osmosis Investment Management UK Ltd purchased a new position in Cadence Design Systems during the second quarter worth about $5,238,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Down 4.3%

NASDAQ:CDNS opened at $327.89 on Friday. The company has a quick ratio of 1.53, a current ratio of 1.36 and a debt-to-equity ratio of 0.29. The stock's fifty day moving average is $320.53 and its two-hundred day moving average is $327.27. Cadence Design Systems, Inc. has a 52 week low of $262.75 and a 52 week high of $416.69. The stock has a market capitalization of $89.97 billion, a price-to-earnings ratio of 65.19, a price-to-earnings-growth ratio of 3.11 and a beta of 1.13.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, topping the consensus estimate of $2.05 by $0.06. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same period last year, the business posted $1.93 earnings per share. The company's quarterly revenue was up 22.0% on a year-over-year basis. Research analysts anticipate that Cadence Design Systems, Inc. will post 6.71 EPS for the current year.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Scannell sold 280 shares of the stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $339.00, for a total transaction of $94,920.00. Following the transaction, the vice president owned 31,720 shares of the company's stock, valued at approximately $10,753,080. This represents a 0.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Cunningham sold 2,000 shares of the firm's stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $277.12, for a total value of $554,240.00. Following the transaction, the vice president owned 121,793 shares of the company's stock, valued at $33,751,276.16. This trade represents a 1.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 8,960 shares of company stock worth $2,834,139 in the last 90 days. Insiders own 0.49% of the company's stock.

Analyst Ratings Changes

CDNS has been the topic of several recent analyst reports. KeyCorp reiterated an "overweight" rating on shares of Cadence Design Systems in a report on Tuesday. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $420.00 price target (up from $400.00) on shares of Cadence Design Systems in a report on Wednesday, October 7th. Benchmark restated a "buy" rating on shares of Cadence Design Systems in a report on Tuesday, July 28th. Oppenheimer reaffirmed a "market perform" rating and set a $300.00 price target (up from $275.00) on shares of Cadence Design Systems in a research report on Tuesday, July 28th. Finally, Wall Street Zen upgraded Cadence Design Systems from a "hold" rating to a "buy" rating in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $410.05.

Cadence Design Systems Profile

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.

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