Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by LGT Fund Management Co Ltd.

Key Points

• LGT Fund Management Co Ltd. increased its holdings in Cadence Design Systems by 40% in the first quarter, bringing its total ownership to 3,500 shares valued at approximately $890,000.
• Several institutional investors have also boosted their stakes in Cadence, with Brighton Jones LLC raising its investment by 80.2% in the previous quarter.
• Wall Street analysts are optimistic about Cadence's future, with twelve analysts issuing buy ratings and an average price target of $364.33 following recent improvements in earnings performance.

LGT Fund Management Co Ltd. raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 40.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,500 shares of the software maker's stock after buying an additional 1,000 shares during the quarter. LGT Fund Management Co Ltd.'s holdings in Cadence Design Systems were worth $890,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Smallwood Wealth Investment Management LLC bought a new stake in shares of Cadence Design Systems in the 1st quarter valued at approximately $25,000. Costello Asset Management INC bought a new stake in shares of Cadence Design Systems in the 1st quarter valued at approximately $25,000. Valley National Advisers Inc. lifted its stake in shares of Cadence Design Systems by 707.1% in the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after purchasing an additional 99 shares during the last quarter. Ancora Advisors LLC lifted its stake in shares of Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after purchasing an additional 112 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its stake in shares of Cadence Design Systems by 36.5% during the 1st quarter. Meeder Asset Management Inc. now owns 172 shares of the software maker's stock worth $44,000 after acquiring an additional 46 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Analyst Ratings Changes

CDNS has been the subject of a number of research analyst reports. The Goldman Sachs Group initiated coverage on Cadence Design Systems in a research note on Thursday, July 10th. They set a "buy" rating and a $380.00 price target for the company. Stifel Nicolaus raised their price target on Cadence Design Systems from $350.00 to $395.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Rosenblatt Securities reissued a "neutral" rating and set a $300.00 price target on shares of Cadence Design Systems in a research note on Friday, July 25th. Needham & Company LLC raised their price target on Cadence Design Systems from $325.00 to $390.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Finally, JPMorgan Chase & Co. raised their price target on Cadence Design Systems from $330.00 to $390.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $364.33.

Cadence Design Systems Stock Up 0.3%

CDNS stock traded up $0.96 on Friday, hitting $349.88. 1,567,384 shares of the company's stock were exchanged, compared to its average volume of 2,055,325. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $376.45. The firm has a 50 day moving average price of $324.89 and a two-hundred day moving average price of $294.01. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.67 and a current ratio of 2.82. The stock has a market cap of $95.34 billion, a P/E ratio of 94.56, a price-to-earnings-growth ratio of 4.58 and a beta of 0.97.

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

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $358.72, for a total transaction of $358,720.00. Following the completion of the sale, the vice president owned 104,499 shares of the company's stock, valued at approximately $37,485,881.28. The trade was a 0.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the sale, the director directly owned 8,010 shares of the company's stock, valued at approximately $2,435,040. This represents a 2.20% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,830 shares of company stock valued at $1,207,671. 1.99% of the stock is currently owned by 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.