Cadence Design Systems, Inc. $CDNS Shares Acquired by International Assets Investment Management LLC

Key Points

• International Assets Investment Management increased its Cadence Design Systems stake by 2,451% in the third quarter, ending with 20,000 shares valued at approximately $6.6 million. Institutional investors collectively own 84.85% of CDNS.
• Cadence reported quarterly earnings of $2.11 per share, beating estimates of $2.05, while revenue rose 22% year over year to $1.63 billion. Shares recently opened at $327.89, with a 12-month range of $262.75 to $416.69.
• Analysts maintain a positive outlook, with a consensus “Moderate Buy” rating and an average price target of $410.05. Meanwhile, company insiders sold 8,960 shares worth $2.83 million over the past 90 days.

International Assets Investment Management LLC increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 2,451.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,000 shares of the software maker's stock after purchasing an additional 19,216 shares during the period. International Assets Investment Management LLC's holdings in Cadence Design Systems were worth $6,604,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Payden & Rygel acquired a new position in shares of Cadence Design Systems during the 3rd quarter valued at about $66,000. VIRGINIA RETIREMENT SYSTEMS ET Al boosted its position in Cadence Design Systems by 1.9% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 77,283 shares of the software maker's stock worth $25,518,000 after purchasing an additional 1,440 shares during the period. Partners Wealth Management LLC acquired a new position in Cadence Design Systems during the third quarter valued at approximately $428,000. Soltis Investment Advisors LLC raised its position in shares of Cadence Design Systems by 34.9% in the third quarter. Soltis Investment Advisors LLC now owns 917 shares of the software maker's stock valued at $303,000 after purchasing an additional 237 shares during the period. Finally, United Asset Strategies Inc. raised its position in shares of Cadence Design Systems by 4.4% in the third quarter. United Asset Strategies Inc. now owns 6,377 shares of the software maker's stock valued at $2,106,000 after purchasing an additional 271 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $327.89 on Monday. Cadence Design Systems, Inc. has a 12 month low of $262.75 and a 12 month high of $416.69. The company has a market capitalization of $89.97 billion, a P/E ratio of 65.19, a P/E/G ratio of 3.11 and a beta of 1.10. The stock has a 50 day moving average of $320.53 and a two-hundred day moving average of $327.27. The company has a current ratio of 1.36, a quick ratio of 1.18 and a debt-to-equity ratio of 0.29.

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

Insider Buying and Selling

In other news, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of the company's stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $350.07, for a total value of $437,587.50. Following the sale, the director directly owned 39,544 shares in the company, valued at approximately $13,843,168.08. This represents a 3.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ita Brennan sold 180 shares of the stock in a transaction that occurred 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 completion of the transaction, the director directly owned 7,824 shares of the company's stock, valued at approximately $2,233,830.24. The trade was a 2.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 8,960 shares of company stock valued at $2,834,139 over the last ninety days. Company insiders own 0.49% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Rosenblatt Securities reaffirmed a "buy" rating and set a $420.00 price objective on shares of Cadence Design Systems in a report on Friday, October 23rd. Bank of America upped their price target on shares of Cadence Design Systems from $400.00 to $420.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Needham & Company LLC raised their target price on Cadence Design Systems from $400.00 to $430.00 and gave the company a "buy" rating in a report on Tuesday, October 27th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $420.00 price objective (up from $400.00) on shares of Cadence Design Systems in a research note on Wednesday, October 7th. Finally, The Goldman Sachs Group upped their target price on shares of Cadence Design Systems from $410.00 to $470.00 and gave the company a "buy" rating in a research note on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target 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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