IFM Investors Pty Ltd Raises Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

IFM Investors Pty Ltd boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 8.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 57,850 shares of the software maker's stock after purchasing an additional 4,626 shares during the period. IFM Investors Pty Ltd's holdings in Cadence Design Systems were worth $15,679,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Brighton Jones LLC lifted its position in shares of Cadence Design Systems by 80.2% during the 4th quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock valued at $456,000 after buying an additional 676 shares in the last quarter. Highview Capital Management LLC DE lifted its position in shares of Cadence Design Systems by 2.7% during the 4th quarter. Highview Capital Management LLC DE now owns 6,304 shares of the software maker's stock valued at $1,894,000 after buying an additional 163 shares in the last quarter. Jones Financial Companies Lllp lifted its position in shares of Cadence Design Systems by 41.3% during the 4th quarter. Jones Financial Companies Lllp now owns 2,713 shares of the software maker's stock valued at $815,000 after buying an additional 793 shares in the last quarter. Exencial Wealth Advisors LLC purchased a new position in shares of Cadence Design Systems during the 4th quarter valued at about $313,000. Finally, Keybank National Association OH lifted its position in shares of Cadence Design Systems by 32.4% during the 4th quarter. Keybank National Association OH now owns 9,922 shares of the software maker's stock valued at $2,981,000 after buying an additional 2,428 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total transaction of $306,350.00. Following the transaction, the vice president directly owned 105,499 shares of the company's stock, valued at $32,319,618.65. This represents a 0.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the transaction, the chief executive officer directly owned 209,548 shares in the company, valued at $64,959,880. This represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,975 shares of company stock worth $6,114,587 over the last ninety days. Corporate insiders own 0.37% of the company's stock.

Cadence Design Systems Trading Down 2.0%

Shares of Cadence Design Systems stock traded down $6.61 on Monday, reaching $320.21. The company had a trading volume of 1,174,474 shares, compared to its average volume of 2,028,411. The firm has a market cap of $87.43 billion, a price-to-earnings ratio of 81.10, a P/E/G ratio of 4.53 and a beta of 0.99. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90. The firm's 50-day moving average price is $305.50 and its two-hundred day moving average price is $286.72. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $330.09.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.50 by $0.07. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The business's revenue for the quarter was up 23.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.17 EPS. As a group, research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently issued reports on CDNS shares. Robert W. Baird lifted their target price on Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Needham & Company LLC reissued a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a research note on Tuesday, May 13th. KeyCorp lifted their target price on Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Bank of America lifted their target price on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Finally, Wells Fargo & Company lifted their target price on Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Cadence Design Systems currently has an average rating of "Moderate Buy" and an average target price 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.