Mackenzie Financial Corp Has $386.49 Million Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mackenzie Financial Corp grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 1.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,286,331 shares of the software maker's stock after buying an additional 13,280 shares during the quarter. Mackenzie Financial Corp owned approximately 0.47% of Cadence Design Systems worth $386,491,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of CDNS. Koshinski Asset Management Inc. bought a new position in Cadence Design Systems in the 4th quarter valued at $202,000. Atomi Financial Group Inc. increased its stake in shares of Cadence Design Systems by 65.5% in the 4th quarter. Atomi Financial Group Inc. now owns 1,731 shares of the software maker's stock valued at $520,000 after buying an additional 685 shares during the period. Simon Quick Advisors LLC increased its stake in shares of Cadence Design Systems by 11.9% in the 4th quarter. Simon Quick Advisors LLC now owns 1,234 shares of the software maker's stock valued at $371,000 after buying an additional 131 shares during the period. Advisory Alpha LLC acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at $254,000. Finally, Janney Montgomery Scott LLC increased its stake in shares of Cadence Design Systems by 7.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 88,908 shares of the software maker's stock valued at $26,713,000 after buying an additional 6,364 shares during the period. Institutional investors and hedge funds own 84.85% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on CDNS. Oppenheimer lowered their target price on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research note on Wednesday, March 19th. Rosenblatt Securities boosted their target price on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research note on Tuesday, April 29th. Needham & Company LLC restated a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a report on Tuesday, May 13th. Mizuho boosted their price target on Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Finally, Bank of America boosted their price target on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and an average target price of $325.23.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded up $7.57 during trading on Tuesday, reaching $323.08. 1,436,504 shares of the company's stock were exchanged, compared to its average volume of 1,979,201. The business has a 50 day moving average price of $280.36 and a 200-day moving average price of $287.60. The stock has a market capitalization of $88.21 billion, a P/E ratio of 83.70, a PEG ratio of 3.88 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99.

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

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the completion of the sale, the chief executive officer now owns 209,548 shares of the company's stock, valued at approximately $64,959,880. This trade represents a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James D. Plummer sold 868 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the sale, the director now directly owns 23,996 shares in the company, valued at $7,677,520.20. This represents a 3.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,445 shares of company stock valued at $5,594,127 in the last three months. 1.99% of the stock is currently owned by company insiders.

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.