Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 13.1% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 128,972 shares of the software maker's stock after purchasing an additional 14,948 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Cadence Design Systems were worth $33,106,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Brighton Jones LLC boosted its stake in Cadence Design Systems by 80.2% in 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 in the last quarter. Highview Capital Management LLC DE boosted its stake in Cadence Design Systems by 2.7% in the fourth 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 in the last quarter. Oppenheimer & Co. Inc. acquired a new stake in Cadence Design Systems in the fourth quarter valued at approximately $822,000. Versor Investments LP acquired a new stake in Cadence Design Systems in the fourth quarter valued at approximately $391,000. Finally, Parkside Financial Bank & Trust boosted its stake in Cadence Design Systems by 9.2% in the fourth quarter. Parkside Financial Bank & Trust now owns 572 shares of the software maker's stock valued at $172,000 after acquiring an additional 48 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their target price for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. Mizuho lifted their price objective on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. KeyCorp lifted their price objective on shares of Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Finally, Rosenblatt Securities lifted their price objective on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $325.23.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded up $1.51 on Friday, reaching $305.20. 2,331,038 shares of the company's stock traded hands, compared to its average volume of 2,023,395. The firm has a market cap of $83.33 billion, a price-to-earnings ratio of 77.27, a P/E/G ratio of 4.23 and a beta of 0.98. The stock has a 50 day moving average price of $300.72 and a 200-day moving average price of $286.50. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $326.19. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07.

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

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 1,000 shares of the business's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $302.00, for a total transaction of $302,000.00. Following the completion of the sale, the vice president now owns 106,499 shares of the company's stock, valued at $32,162,698. The trade was a 0.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the sale, the director now directly owns 8,010 shares of the company's stock, valued at $2,435,040. This represents a 2.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,625 shares of company stock valued at $5,972,453 over the last 90 days. Corporate insiders own 1.99% of the company's stock.

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.