AIA Group Ltd Makes New $2.15 Million Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• AIA Group Ltd acquired 8,459 shares of Cadence Design Systems, Inc. for approximately $2,151,000 in the first quarter, reflecting growing interest among institutional investors.
• Cadence Design Systems reported a 20.2% revenue increase year-over-year, with earnings per share surpassing estimates at $1.65 for the last quarter.
• Several research firms have raised their price targets for Cadence Design Systems, with Wells Fargo increasing theirs from $365.00 to $405.00 and maintaining an "overweight" rating.

AIA Group Ltd acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 8,459 shares of the software maker's stock, valued at approximately $2,151,000.

Several other institutional investors also recently bought and sold shares of the company. Legacy Capital Wealth Partners LLC increased its position in Cadence Design Systems by 2.8% during the first quarter. Legacy Capital Wealth Partners LLC now owns 1,214 shares of the software maker's stock valued at $309,000 after acquiring an additional 33 shares during the last quarter. Empower Advisory Group LLC increased its position in Cadence Design Systems by 4.1% during the first quarter. Empower Advisory Group LLC now owns 911 shares of the software maker's stock valued at $232,000 after acquiring an additional 36 shares during the last quarter. Principal Street Partners LLC increased its position in Cadence Design Systems by 2.6% during the fourth quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock valued at $437,000 after acquiring an additional 37 shares during the last quarter. Greenleaf Trust increased its position in Cadence Design Systems by 0.7% during the first quarter. Greenleaf Trust now owns 5,802 shares of the software maker's stock valued at $1,476,000 after acquiring an additional 39 shares during the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its position in Cadence Design Systems by 3.9% during the first quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,072 shares of the software maker's stock valued at $285,000 after acquiring an additional 40 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Up 0.3%

NASDAQ:CDNS traded up $0.96 on Friday, reaching $349.88. 1,564,953 shares of the company's stock were exchanged, compared to its average volume of 2,050,927. The company has a quick ratio of 2.67, a current ratio of 2.82 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $95.34 billion, a price-to-earnings ratio of 94.56, a price-to-earnings-growth ratio of 4.58 and a beta of 0.97. The business has a fifty day moving average of $323.83 and a 200-day moving average of $293.66. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $376.45.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.56 by $0.09. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.28 earnings per share. As a group, analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Wells Fargo & Company boosted their target price on shares of Cadence Design Systems from $365.00 to $405.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Bank of America boosted their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Loop Capital upped their price objective on shares of Cadence Design Systems from $370.00 to $390.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Berenberg Bank set a $400.00 price objective on shares of Cadence Design Systems in a report on Wednesday, July 30th. Finally, Rosenblatt Securities reiterated a "neutral" rating and issued a $300.00 price target on shares of Cadence Design Systems in a report on Friday, July 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $364.33.

Insider Transactions at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the transaction, the director directly owned 8,010 shares of the company's stock, valued at $2,435,040. This represents a 2.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $358.72, for a total value of $358,720.00. Following the completion of the sale, the vice president directly owned 104,499 shares of the company's stock, valued at $37,485,881.28. The trade was a 0.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,830 shares of company stock worth $1,207,671 over the last quarter. Insiders own 1.99% of the company's stock.

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.