Healthcare of Ontario Pension Plan Trust Fund Has $24.87 Million Stock Holdings in Cadence Design Systems, Inc. $CDNS

Key Points

• Healthcare of Ontario Pension Plan Trust Fund reduced its Cadence Design Systems stake by 4.9% in the first quarter, selling 4,614 shares and retaining 89,505 shares valued at approximately $24.87 million. Institutional investors own 84.85% of CDNS.
• Wall Street remains broadly bullish, with an average rating of “Moderate Buy” and a consensus price target of $393.65. Analysts including KeyCorp, Stifel, and Wells Fargo recently raised their targets.
• Cadence reported stronger-than-expected quarterly results, with EPS of $1.96 and revenue of $1.47 billion, up 18.6% year over year. Meanwhile, insiders sold 157,057 shares worth $60.27 million over the past 90 days, primarily through pre-arranged trading plans.

Healthcare of Ontario Pension Plan Trust Fund trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 4.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 89,505 shares of the software maker's stock after selling 4,614 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund's holdings in Cadence Design Systems were worth $24,871,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CDNS. MUFG Securities EMEA plc raised its stake in Cadence Design Systems by 113.9% during the fourth quarter. MUFG Securities EMEA plc now owns 11,159 shares of the software maker's stock worth $3,488,000 after acquiring an additional 5,943 shares in the last quarter. Sun Financial Inc acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at approximately $1,225,000. DDD Partners LLC boosted its stake in shares of Cadence Design Systems by 27.4% in the 4th quarter. DDD Partners LLC now owns 41,968 shares of the software maker's stock valued at $13,118,000 after purchasing an additional 9,024 shares in the last quarter. Leonteq Securities AG bought a new stake in shares of Cadence Design Systems during the 4th quarter valued at approximately $1,105,000. Finally, Indivisible Partners bought a new stake in shares of Cadence Design Systems during the 4th quarter valued at approximately $4,795,000. 84.85% of the stock is currently owned by institutional investors.

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Wall Street Analyst Weigh In

Several equities analysts recently commented on CDNS shares. KeyCorp increased their price objective on shares of Cadence Design Systems from $405.00 to $425.00 and gave the company an "overweight" rating in a research note on Tuesday, April 28th. Stifel Nicolaus boosted their target price on shares of Cadence Design Systems from $395.00 to $432.00 and gave the stock a "buy" rating in a research note on Tuesday, June 9th. Wells Fargo & Company upped their price target on shares of Cadence Design Systems from $400.00 to $425.00 and gave the stock an "overweight" rating in a report on Tuesday, May 26th. Needham & Company LLC reiterated a "buy" rating and issued a $400.00 price target on shares of Cadence Design Systems in a research note on Tuesday, April 28th. Finally, Rosenblatt Securities raised their price objective on Cadence Design Systems from $375.00 to $410.00 and gave the company a "buy" rating in a report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, Cadence Design Systems currently has an average rating of "Moderate Buy" and an average target price of $393.65.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 2,000 shares of the business's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $391.00, for a total value of $782,000.00. Following the transaction, the vice president directly owned 126,586 shares of the company's stock, valued at $49,495,126. The trade was a 1.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO John M. Wall sold 5,000 shares of the company's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $348.71, for a total value of $1,743,550.00. Following the sale, the chief financial officer owned 81,875 shares in the company, valued at approximately $28,550,631.25. The trade was a 5.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 157,057 shares of company stock worth $60,272,277. Corporate insiders own 0.49% of the company's stock.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $326.24 on Monday. Cadence Design Systems, Inc. has a twelve month low of $262.75 and a twelve month high of $416.69. The firm has a fifty day simple moving average of $373.92 and a 200 day simple moving average of $329.47. The company has a market capitalization of $89.98 billion, a PE ratio of 76.05, a P/E/G ratio of 3.86 and a beta of 1.15. The company has a quick ratio of 1.32, a current ratio of 1.47 and a debt-to-equity ratio of 0.38.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Monday, April 27th. The software maker reported $1.96 EPS for the quarter, beating analysts' consensus estimates of $1.91 by $0.05. Cadence Design Systems had a net margin of 21.18% and a return on equity of 28.44%. The business had revenue of $1.47 billion for the quarter, compared to analysts' expectations of $1.46 billion. During the same quarter in the prior year, the firm posted $1.57 earnings per share. The business's quarterly revenue was up 18.6% compared to the same quarter last year. On average, sell-side analysts forecast that Cadence Design Systems, Inc. will post 6.23 EPS for the current year.

Cadence Design Systems Profile

Cadence Design Systems, Inc NASDAQ: CDNS is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company's offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.

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