Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by National Bank of Canada FI

Key Points

• National Bank of Canada FI increased its holdings in Cadence Design Systems, Inc. by 38.7% during the first quarter, owning approximately 273,556 shares valued at $69,572,000.
• Cadence Design Systems reported a quarterly earnings per share (EPS) of $1.65, exceeding expectations, with a revenue of $1.28 billion reflecting a 20.2% year-over-year increase.
• Cadence Design Systems has received a consensus rating of "Moderate Buy" from analysts, with a target price of $364.33.

National Bank of Canada FI increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 38.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 273,556 shares of the software maker's stock after acquiring an additional 76,318 shares during the period. National Bank of Canada FI owned approximately 0.10% of Cadence Design Systems worth $69,572,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Park Square Financial Group LLC acquired a new stake in Cadence Design Systems in the fourth quarter valued at $348,000. Merit Financial Group LLC grew its holdings in Cadence Design Systems by 42.6% in the first 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 last quarter. Novem Group grew its holdings in Cadence Design Systems by 30.3% in the first quarter. Novem Group now owns 4,067 shares of the software maker's stock valued at $1,034,000 after purchasing an additional 945 shares during the last quarter. Seilern Investment Management Ltd acquired a new stake in Cadence Design Systems in the first quarter valued at $64,800,000. Finally, Integrated Advisors Network LLC grew its holdings in Cadence Design Systems by 156.9% in 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 during the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Insider Activity at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of the firm'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 directly owned 8,010 shares in the company, valued at approximately $2,435,040. This trade represents a 2.20% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 value of $358,720.00. Following the sale, the vice president owned 104,499 shares in the company, valued at approximately $37,485,881.28. The trade was a 0.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,698 shares of company stock worth $1,485,387. 0.37% of the stock is currently owned by company insiders.

Cadence Design Systems Trading Down 1.7%

Shares of Cadence Design Systems stock traded down $6.01 during trading hours on Wednesday, reaching $347.61. The stock had a trading volume of 651,578 shares, compared to its average volume of 2,060,107. The firm has a 50 day simple moving average of $321.68 and a two-hundred day simple moving average of $292.87. The firm has a market capitalization of $94.72 billion, a price-to-earnings ratio of 93.92, a P/E/G ratio of 4.58 and a beta of 0.97. The company has a current ratio of 2.82, a quick ratio of 2.67 and a debt-to-equity ratio of 0.49. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $376.45.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, topping analysts' consensus estimates of $1.56 by $0.09. The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.25 billion. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. The company's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the business posted $1.28 EPS. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have weighed in on CDNS shares. Mizuho upped their target price on Cadence Design Systems from $360.00 to $375.00 and gave the company an "outperform" rating in a report on Tuesday, July 29th. Rosenblatt Securities restated a "neutral" rating and issued a $300.00 price objective on shares of Cadence Design Systems in a research report on Friday, July 25th. Needham & Company LLC raised their price target on shares of Cadence Design Systems from $325.00 to $390.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Wall Street Zen downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Finally, Piper Sandler reiterated a "neutral" rating and set a $355.00 price target (up from $328.00) on shares of Cadence Design Systems in a report on Tuesday, July 29th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $364.33.

About Cadence Design Systems

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.