OVERSEA CHINESE BANKING Corp Ltd Invests $12.03 Million in Cadence Design Systems, Inc. (NASDAQ:CDNS)

OVERSEA CHINESE BANKING Corp Ltd bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 47,305 shares of the software maker's stock, valued at approximately $12,031,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Park Square Financial Group LLC acquired a new position in shares of Cadence Design Systems in the fourth quarter worth $348,000. Royal London Asset Management Ltd. grew its stake in Cadence Design Systems by 5.2% in the fourth quarter. Royal London Asset Management Ltd. now owns 155,873 shares of the software maker's stock valued at $46,834,000 after purchasing an additional 7,766 shares in the last quarter. Jensen Investment Management Inc. acquired a new position in Cadence Design Systems in the 4th quarter worth about $126,571,000. Merit Financial Group LLC raised its stake in shares of Cadence Design Systems by 42.6% during the 1st quarter. Merit Financial Group LLC now owns 3,165 shares of the software maker's stock worth $805,000 after purchasing an additional 946 shares in the last quarter. Finally, Novem Group lifted its holdings in shares of Cadence Design Systems by 30.3% during the 1st quarter. Novem Group now owns 4,067 shares of the software maker's stock valued at $1,034,000 after buying an additional 945 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Analysts Set New Price Targets

CDNS has been the topic of a number of research reports. Needham & Company LLC reaffirmed a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Wall Street Zen upgraded shares of Cadence Design Systems from a "hold" rating to a "buy" rating in a report on Saturday. Robert W. Baird upped their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Loop Capital increased their target price on shares of Cadence Design Systems from $340.00 to $370.00 and gave the stock a "buy" rating in a research report on Monday. Finally, The Goldman Sachs Group assumed coverage on Cadence Design Systems in a research report on Thursday. They issued a "buy" rating and a $380.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems currently has an average rating of "Moderate Buy" and a consensus price target of $330.07.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the sale, the chief executive officer owned 209,548 shares in the company, valued at approximately $64,959,880. This trade represents a 4.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Scannell sold 4,710 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total value of $1,413,000.00. Following the sale, the vice president directly owned 28,442 shares in the company, valued at $8,532,600. The trade was a 14.21% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,975 shares of company stock valued at $6,114,587. Corporate insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Performance

CDNS traded down $3.11 during midday trading on Monday, reaching $317.49. The company's stock had a trading volume of 1,862,609 shares, compared to its average volume of 2,091,803. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. The company has a fifty day simple moving average of $307.83 and a 200 day simple moving average of $287.26. The stock has a market cap of $86.69 billion, a P/E ratio of 80.38, a PEG ratio of 4.44 and a beta of 0.99. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $330.09.

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

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.