Natixis Advisors LLC Buys 3,935 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Natixis Advisors LLC increased its stake in Cadence Design Systems by 2.2%, holding a total of 184,218 shares valued at approximately $46.85 million.
• Several institutional investors, including Legacy Capital Wealth Partners and Greenleaf Trust, have also raised their stakes in Cadence Design Systems recently, indicating a strong interest in the stock.
• Cadence Design Systems reported $1.65 EPS for the latest quarter, exceeding estimates, and its revenue grew by 20.2% year-over-year to reach $1.28 billion.

Natixis Advisors LLC lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 2.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 184,218 shares of the software maker's stock after buying an additional 3,935 shares during the quarter. Natixis Advisors LLC owned about 0.07% of Cadence Design Systems worth $46,852,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Legacy Capital Wealth Partners LLC raised its holdings in Cadence Design Systems by 2.8% during the first quarter. Legacy Capital Wealth Partners LLC now owns 1,214 shares of the software maker's stock valued at $309,000 after acquiring an additional 33 shares during the period. Accredited Investors Inc. raised its stake in Cadence Design Systems by 1.7% during the 4th quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock valued at $654,000 after purchasing an additional 36 shares during the period. Principal Street Partners LLC raised its stake in Cadence Design Systems by 2.6% during the 4th quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock valued at $437,000 after purchasing an additional 37 shares during the period. Oarsman Capital Inc. raised its stake in Cadence Design Systems by 3.8% during the 4th quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock valued at $313,000 after purchasing an additional 38 shares during the period. Finally, Greenleaf Trust raised its position in shares of Cadence Design Systems by 0.7% during the first quarter. Greenleaf Trust now owns 5,802 shares of the software maker's stock valued at $1,476,000 after buying an additional 39 shares during the last quarter. Institutional investors own 84.85% of the company's stock.

Insider Activity

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the 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 sale, the director owned 8,010 shares of the company's stock, valued at approximately $2,435,040. This trade represents a 2.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James D. Plummer sold 868 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $319.95, for a total value of $277,716.60. Following the sale, the director directly owned 23,996 shares in the company, valued at approximately $7,677,520.20. The trade was a 3.49% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,698 shares of company stock worth $1,126,667. Corporate insiders own 1.99% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Needham & Company LLC lifted their price objective on shares of Cadence Design Systems from $325.00 to $390.00 and gave the company a "buy" rating in a research report on Tuesday. Mizuho lifted their price objective on Cadence Design Systems from $360.00 to $375.00 and gave the stock an "outperform" rating in a research note on Tuesday. Bank of America boosted their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Rosenblatt Securities reissued a "neutral" rating and set a $300.00 target price on shares of Cadence Design Systems in a research report on Friday, July 25th. Finally, Loop Capital boosted their target price on Cadence Design Systems from $370.00 to $390.00 and gave the company a "buy" rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $364.33.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $364.57 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.90. The company has a market capitalization of $99.54 billion, a P/E ratio of 98.53, a P/E/G ratio of 4.88 and a beta of 0.99. The company's 50-day simple moving average is $312.60 and its two-hundred day simple moving average is $290.37. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $376.45.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.25 billion. During the same quarter in the prior year, the firm earned $1.28 earnings per share. Cadence Design Systems's revenue was up 20.2% compared to the same quarter last year. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

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.

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