Czech National Bank Buys 3,528 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Czech National Bank lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 5.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 62,994 shares of the software maker's stock after purchasing an additional 3,528 shares during the period. Czech National Bank's holdings in Cadence Design Systems were worth $16,021,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CDNS. Brighton Jones LLC boosted its holdings in shares of Cadence Design Systems by 80.2% during the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock valued at $456,000 after acquiring an additional 676 shares during the period. Union Bancaire Privee UBP SA bought a new stake in Cadence Design Systems in the fourth quarter worth about $9,958,000. Mediolanum International Funds Ltd increased its holdings in shares of Cadence Design Systems by 10.5% in the fourth quarter. Mediolanum International Funds Ltd now owns 10,998 shares of the software maker's stock valued at $3,312,000 after buying an additional 1,043 shares in the last quarter. Waldron Private Wealth LLC boosted its position in shares of Cadence Design Systems by 121.0% in the fourth quarter. Waldron Private Wealth LLC now owns 1,978 shares of the software maker's stock worth $594,000 after buying an additional 1,083 shares during the period. Finally, China Universal Asset Management Co. Ltd. raised its holdings in shares of Cadence Design Systems by 28.5% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 4,463 shares of the software maker's stock worth $1,341,000 after acquiring an additional 990 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on CDNS. Wall Street Zen downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Rosenblatt Securities boosted their target price on Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a report on Tuesday, April 29th. JPMorgan Chase & Co. upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and increased their price target for the company from $300.00 to $325.00 in a report on Thursday, April 24th. Needham & Company LLC reissued a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Finally, Bank of America upped their price objective 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. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Cadence Design Systems has a consensus rating of "Moderate Buy" and an average price target of $325.23.

Cadence Design Systems Stock Up 0.7%

NASDAQ CDNS traded up $2.14 during trading hours on Wednesday, hitting $295.47. 964,922 shares of the company traded hands, compared to its average volume of 2,014,368. The stock has a market capitalization of $80.68 billion, a price-to-earnings ratio of 76.55, a P/E/G ratio of 3.88 and a beta of 1.04. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $328.99. The business's 50-day moving average is $284.03 and its 200-day moving average is $287.47. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

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

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the transaction, the vice president now owns 108,799 shares of the company's stock, valued at $27,486,979.36. The trade was a 0.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $275.00, for a total value of $49,500.00. Following the completion of the sale, the director now directly owns 7,411 shares of the company's stock, valued at approximately $2,038,025. The trade was a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,795 shares of company stock worth $5,429,853 in the last ninety days. Insiders own 1.99% of the company's stock.

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.