Mackenzie Financial Corp Raises Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mackenzie Financial Corp boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 1.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of CDNS. Norges Bank acquired a new stake in shares of Cadence Design Systems during the fourth quarter valued at about $1,170,209,000. Schroder Investment Management Group boosted its stake in shares of Cadence Design Systems by 53.1% during the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock valued at $623,105,000 after purchasing an additional 716,041 shares in the last quarter. FMR LLC boosted its stake in shares of Cadence Design Systems by 8.7% during the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after purchasing an additional 639,146 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of Cadence Design Systems by 12.5% during the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock valued at $1,705,469,000 after purchasing an additional 632,175 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Cadence Design Systems by 25.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker's stock valued at $882,655,000 after purchasing an additional 601,834 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 10,737 shares of the business's 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 sale, the chief executive officer now directly owns 209,548 shares in the company, valued at approximately $64,959,880. The trade was a 4.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Paul Scannell sold 4,710 shares of the company's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total value of $1,413,000.00. Following the completion of the transaction, the vice president now owns 28,442 shares in the company, valued at $8,532,600. This represents a 14.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,445 shares of company stock worth $5,594,127. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Stock Down 10.7%

Shares of NASDAQ:CDNS traded down $34.47 during mid-day trading on Wednesday, hitting $288.61. 6,988,542 shares of the company traded hands, compared to its average volume of 1,999,212. The stock has a market cap of $78.80 billion, a P/E ratio of 74.77, a P/E/G ratio of 3.88 and a beta of 1.04. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $328.99. The stock has a 50-day moving average price of $281.65 and a two-hundred day moving average price of $287.85.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.07. The business had revenue of $1.24 billion for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.17 earnings per share. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CDNS shares. Loop Capital cut their price target on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research note on Wednesday, February 19th. Oppenheimer lowered their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. Robert W. Baird raised their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Mizuho raised their price objective on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Finally, Needham & Company LLC restated a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, May 13th. 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. Based on data from MarketBeat.com, Cadence Design Systems currently has an average rating of "Moderate Buy" and an average price target of $325.23.

Cadence Design Systems Company 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.