Seilern Investment Management Ltd Invests $64.80 Million in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Seilern Investment Management Ltd purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 254,788 shares of the software maker's stock, valued at approximately $64,800,000. Cadence Design Systems accounts for 4.2% of Seilern Investment Management Ltd's holdings, making the stock its 14th biggest position. Seilern Investment Management Ltd owned approximately 0.09% of Cadence Design Systems at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its stake in Cadence Design Systems by 80.2% in the 4th quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock valued at $456,000 after buying an additional 676 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $9,958,000. Choreo LLC increased its position in shares of Cadence Design Systems by 12.3% during the fourth quarter. Choreo LLC now owns 5,761 shares of the software maker's stock worth $1,739,000 after purchasing an additional 632 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in Cadence Design Systems by 7.9% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 30,847 shares of the software maker's stock valued at $9,268,000 after purchasing an additional 2,260 shares during the last quarter. Finally, Golden State Wealth Management LLC acquired a new stake in Cadence Design Systems during the 4th quarter worth $28,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Performance

CDNS traded up $1.47 on Wednesday, reaching $307.16. The company had a trading volume of 952,597 shares, compared to its average volume of 2,025,398. The stock has a 50-day moving average price of $288.26 and a 200-day moving average price of $287.32. The stock has a market capitalization of $83.87 billion, a PE ratio of 79.58, a P/E/G ratio of 3.88 and a beta of 0.99. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. During the same quarter in the previous year, the business earned $1.17 earnings per share. The firm's revenue for the quarter was up 23.1% on a year-over-year basis. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $285.97, for a total value of $185,880.50. Following the transaction, the vice president now owns 107,499 shares of the company's stock, valued at approximately $30,741,489.03. The trade was a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Paul Scannell sold 4,710 shares of Cadence Design Systems stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the completion of the transaction, the vice president now owns 28,442 shares in the company, valued at approximately $8,532,600. This trade represents a 14.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,445 shares of company stock valued at $5,615,733 over the last quarter. 0.37% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on CDNS. KeyCorp boosted their price target on shares of Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. Oppenheimer cut their price target on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. Loop Capital dropped their target price on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. Robert W. Baird lifted their price target on Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Finally, Rosenblatt Securities raised their price objective on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $325.23.

Cadence Design Systems Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks 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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.