National Pension Service Increases Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• The National Pension Service increased its holdings in Cadence Design Systems by 6.0%, now owning approximately 0.23% of the company, valued at $161.9 million.
• Cadence Design Systems reported $1.65 earnings per share, surpassing expectations and achieving a 20.2% year-over-year revenue increase to $1.28 billion.
• Analyst ratings for Cadence range from one sell to twelve buy, with a consensus rating of "Moderate Buy" and a price target of $364.33.

National Pension Service lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 6.0% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 636,690 shares of the software maker's stock after buying an additional 36,262 shares during the period. National Pension Service owned approximately 0.23% of Cadence Design Systems worth $161,929,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CDNS. Smallwood Wealth Investment Management LLC purchased a new position in shares of Cadence Design Systems in the 1st quarter worth approximately $25,000. Costello Asset Management INC purchased a new position in shares of Cadence Design Systems in the 1st quarter worth approximately $25,000. Valley National Advisers Inc. boosted its stake in shares of Cadence Design Systems by 707.1% in the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock worth $28,000 after buying an additional 99 shares during the last quarter. Ancora Advisors LLC boosted its stake in shares of Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after buying an additional 112 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its stake in shares of Cadence Design Systems by 36.5% in the 1st quarter. Meeder Asset Management Inc. now owns 172 shares of the software maker's stock worth $44,000 after buying an additional 46 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Rosenblatt Securities restated a "neutral" rating and issued a $300.00 target price on shares of Cadence Design Systems in a research note on Friday, July 25th. Bank of America upped their price objective 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. Mizuho upped their price objective on Cadence Design Systems from $360.00 to $375.00 and gave the company an "outperform" rating in a research note on Tuesday, July 29th. Stifel Nicolaus upped their price objective on Cadence Design Systems from $350.00 to $395.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Finally, The Goldman Sachs Group initiated coverage on Cadence Design Systems in a research note on Thursday, July 10th. They issued a "buy" rating and a $380.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $364.33.

Cadence Design Systems Trading Down 1.3%

Shares of CDNS stock opened at $349.12 on Thursday. The company's fifty day simple moving average is $322.77 and its two-hundred day simple moving average is $293.26. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.67. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $376.45. The stock has a market capitalization of $95.13 billion, a price-to-earnings ratio of 94.36, a PEG ratio of 4.64 and a beta of 0.97.

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

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $358.72, for a total value of $358,720.00. Following the transaction, the vice president owned 104,499 shares of the company's stock, valued at approximately $37,485,881.28. This represents a 0.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the completion of the transaction, the director directly owned 8,010 shares in the company, valued at approximately $2,435,040. The trade was a 2.20% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,698 shares of company stock valued at $1,485,387. 1.99% of the stock is currently owned by company insiders.

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.

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