47,305 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Bought by OVERSEA CHINESE BANKING Corp Ltd

Key Points

• OVERSEA CHINESE BANKING Corp Ltd has made a new investment of $12.03 million in Cadence Design Systems, acquiring 47,305 shares of the company.
• Cadence Design Systems reported a 20.2% increase in revenue year-over-year, with quarterly earnings of $1.65 per share, surpassing analyst expectations of $1.56.
• Several analysts have raised their price targets on Cadence, with estimates now ranging from $360 to $405, reflecting a generally positive outlook for the company's stock.

OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The fund purchased 47,305 shares of the software maker's stock, valued at approximately $12,031,000.

Several other hedge funds have also added to or reduced their stakes in the business. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Cadence Design Systems in the first quarter worth about $25,000. Valley National Advisers Inc. raised its stake in 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 acquiring an additional 99 shares during the last quarter. Ancora Advisors LLC raised its stake in 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 acquiring an additional 112 shares during the last quarter. Meeder Asset Management Inc. raised its stake in shares of Cadence Design Systems by 36.5% during the 1st quarter. Meeder Asset Management Inc. now owns 172 shares of the software maker's stock valued at $44,000 after buying an additional 46 shares during the last quarter. Finally, Bartlett & CO. Wealth Management LLC grew its position in shares of Cadence Design Systems by 147.3% during the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 183 shares of the software maker's stock valued at $47,000 after acquiring an additional 109 shares during the period. 84.85% of the stock is owned by institutional investors.

Insider Activity at Cadence Design Systems

In other news, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the sale, the director owned 8,010 shares of the company's stock, valued at $2,435,040. This represents a 2.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $358.72, for a total value of $358,720.00. Following the transaction, the vice president directly owned 104,499 shares in the company, valued at approximately $37,485,881.28. This represents a 0.95% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,698 shares of company stock worth $1,485,387. 0.37% of the stock is currently owned by insiders.

Analyst Ratings Changes

CDNS has been the topic of several analyst reports. Rosenblatt Securities reaffirmed a "neutral" rating and set a $300.00 price target on shares of Cadence Design Systems in a research report on Friday, July 25th. Robert W. Baird increased their target price on shares of Cadence Design Systems from $340.00 to $380.00 and gave the company an "outperform" rating in a report on Monday, July 28th. The Goldman Sachs Group started coverage on shares of Cadence Design Systems in a research report on Thursday, July 10th. They set a "buy" rating and a $380.00 target price on the stock. Loop Capital raised their target price on shares of Cadence Design Systems from $370.00 to $390.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Finally, Stifel Nicolaus boosted their target price on shares of Cadence Design Systems from $350.00 to $395.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. One 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 company's stock. According to MarketBeat.com, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and a consensus target price of $364.33.

Cadence Design Systems Trading Down 0.4%

Shares of CDNS stock traded down $1.36 on Wednesday, hitting $359.14. 465,569 shares of the stock traded hands, compared to its average volume of 2,082,269. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.67 and a current ratio of 2.82. The stock has a market capitalization of $97.86 billion, a PE ratio of 97.11, a PEG ratio of 4.79 and a beta of 0.97. The firm's 50-day moving average price is $315.17 and its two-hundred day moving average price is $291.58. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $376.45.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, beating 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 the consensus estimate of $1.25 billion. During the same period last year, the business posted $1.28 EPS. The company's revenue was up 20.2% on a year-over-year basis. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

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.