E Fund Management Co. Ltd. Has $4.12 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• E Fund Management Co. Ltd. increased its position in Cadence Design Systems by 32.6%, acquiring an additional 3,985 shares during the first quarter, bringing its total holdings to 16,192 shares valued at approximately $4.12 million.
• A variety of other institutional investors, including Vanguard Group and Jennison Associates, have also boosted their stakes in Cadence Design Systems during the same quarter, showcasing strong institutional interest in the company.
• Cadence Design Systems reported quarterly earnings with an EPS of $1.65, exceeding analysts' expectations, and recorded a year-over-year revenue increase of 20.2%, totaling $1.28 billion.

E Fund Management Co. Ltd. boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 32.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,192 shares of the software maker's stock after acquiring an additional 3,985 shares during the quarter. E Fund Management Co. Ltd.'s holdings in Cadence Design Systems were worth $4,118,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Park Square Financial Group LLC bought a new stake in Cadence Design Systems during the 4th quarter valued at $348,000. Merit Financial Group LLC grew its position in shares of Cadence Design Systems by 42.6% in the 1st quarter. Merit Financial Group LLC now owns 3,165 shares of the software maker's stock valued at $805,000 after purchasing an additional 946 shares during the period. Novem Group increased its holdings in Cadence Design Systems by 30.3% during the 1st quarter. Novem Group now owns 4,067 shares of the software maker's stock worth $1,034,000 after purchasing an additional 945 shares in the last quarter. Seilern Investment Management Ltd bought a new stake in shares of Cadence Design Systems during the first quarter worth approximately $64,800,000. Finally, Integrated Advisors Network LLC raised its position in Cadence Design Systems by 156.9% during the fourth quarter. Integrated Advisors Network LLC now owns 3,406 shares of the software maker's stock valued at $1,023,000 after purchasing an additional 2,080 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CDNS. Rosenblatt Securities reiterated a "neutral" rating and issued a $300.00 target price on shares of Cadence Design Systems in a research report on Friday, July 25th. Stifel Nicolaus upped their target price on shares of Cadence Design Systems from $350.00 to $395.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Needham & Company LLC increased their target price on shares of Cadence Design Systems from $325.00 to $390.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. Bank of America increased their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Finally, Loop Capital upped their price objective on shares of Cadence Design Systems from $370.00 to $390.00 and gave the company a "buy" 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 given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $364.33.

Cadence Design Systems Stock Performance

Shares of CDNS stock traded up $0.96 during trading hours on Friday, reaching $349.88. 1,567,384 shares of the company's stock were exchanged, compared to its average volume of 1,933,148. The company has a quick ratio of 2.67, a current ratio of 2.82 and a debt-to-equity ratio of 0.49. The business has a fifty day moving average price of $324.89 and a 200-day moving average price of $294.01. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45. The stock has a market capitalization of $95.34 billion, a P/E ratio of 94.56, a P/E/G ratio of 4.58 and a beta of 0.97.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, beating analysts' consensus estimates 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 analyst estimates of $1.25 billion. During the same quarter in the previous year, the company posted $1.28 EPS. The business's revenue was up 20.2% on a year-over-year basis. Analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total value of $54,720.00. Following the transaction, the director directly owned 8,010 shares of the company's stock, valued at approximately $2,435,040. The trade was a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the company's 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 transaction, the vice president owned 104,499 shares of the company's stock, valued at approximately $37,485,881.28. This trade represents a 0.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,830 shares of company stock valued at $1,207,671 over the last 90 days. 1.99% of the stock is currently owned by company insiders.

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.