50,400 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Purchased by LGT Capital Partners LTD.

Key Points

• LGT Capital Partners LTD. has made a significant new investment of $12.82 million in Cadence Design Systems, acquiring 50,400 shares of the company.
• Cadence Design Systems recently reported $1.65 EPS for the quarter, surpassing analysts' expectations, and experienced a 20.2% increase in revenue compared to the previous year.
• Analyst ratings are generally positive, with a consensus rating of "Moderate Buy" and an average price target of $364.33 for the stock.

LGT Capital Partners LTD. acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 50,400 shares of the software maker's stock, valued at approximately $12,818,000.

A number of other institutional investors have also added to or reduced their stakes in CDNS. Brighton Jones LLC lifted its holdings in 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 purchasing an additional 676 shares during the last quarter. Highview Capital Management LLC DE boosted 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 acquiring an additional 163 shares during the last quarter. Huntington National Bank lifted its position in Cadence Design Systems by 15.1% in the fourth quarter. Huntington National Bank now owns 2,132 shares of the software maker's stock valued at $641,000 after purchasing an additional 279 shares during the last quarter. Arete Wealth Advisors LLC purchased a new stake in Cadence Design Systems in the fourth quarter worth $222,000. Finally, Prudential PLC lifted its holdings in shares of Cadence Design Systems by 53.5% during the fourth quarter. Prudential PLC now owns 28,553 shares of the software maker's stock valued at $8,579,000 after purchasing an additional 9,950 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

NASDAQ CDNS traded down $5.17 during trading hours on Thursday, hitting $354.99. The company had a trading volume of 415,553 shares, compared to its average volume of 2,074,838. 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 firm has a 50 day simple moving average of $315.17 and a 200 day simple moving average of $291.58. The firm has a market capitalization of $96.73 billion, a price-to-earnings ratio of 95.90, a PEG ratio of 4.73 and a beta of 0.97. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $376.45.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (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 business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same period last year, the business posted $1.28 EPS. The business's revenue was up 20.2% compared to the same quarter last year. Equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 1,000 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $358.72, for a total transaction of $358,720.00. Following the completion of the transaction, the vice president directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the completion of the transaction, the director owned 8,010 shares of the company's stock, valued at $2,435,040. This trade represents a 2.20% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,698 shares of company stock worth $1,485,387. Corporate insiders own 1.99% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CDNS. Bank of America lifted their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Piper Sandler reissued a "neutral" rating and set a $355.00 target price (up from $328.00) on shares of Cadence Design Systems in a research note on Tuesday, July 29th. Wells Fargo & Company boosted their price objective on shares of Cadence Design Systems from $365.00 to $405.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Rosenblatt Securities reissued a "neutral" rating and issued a $300.00 target price on shares of Cadence Design Systems in a research note on Friday, July 25th. Finally, Loop Capital upped their price target on Cadence Design Systems from $370.00 to $390.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $364.33.

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.