Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. increased its stake in Cadence Design Systems by 50.4% in Q1, owning 57,121 shares valued at approximately $14.53 million.
• Over the past quarter, several institutional investors, including Seilern Investment Management Ltd, have significantly increased their holdings in Cadence, indicating strong institutional interest.
• Cadence Design Systems recently reported an EPS of $1.57, exceeding analysts' expectations and showing a year-over-year revenue increase of 23.1%.

Pacer Advisors Inc. lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 50.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 57,121 shares of the software maker's stock after buying an additional 19,138 shares during the period. Pacer Advisors Inc.'s holdings in Cadence Design Systems were worth $14,528,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its position in Cadence Design Systems by 31,049.1% in the 1st quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker's stock worth $309,835,000 after purchasing an additional 1,214,330 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of Cadence Design Systems by 13.2% in the 1st quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker's stock valued at $2,305,489,000 after buying an additional 1,054,702 shares during the period. Schroder Investment Management Group grew its holdings in shares of Cadence Design Systems by 53.1% in the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock valued at $623,105,000 after buying an additional 716,041 shares during the period. FMR LLC boosted its stake in Cadence Design Systems by 8.7% in the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock worth $2,397,266,000 after purchasing an additional 639,146 shares during the period. Finally, Alliancebernstein L.P. boosted its stake in Cadence Design Systems by 12.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock worth $1,705,469,000 after purchasing an additional 632,175 shares during the period. Institutional investors and hedge funds own 84.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. 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 price target on the stock. Wall Street Zen downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. Mizuho lifted their price target on shares of Cadence Design Systems from $360.00 to $375.00 and gave the stock an "outperform" rating in a report on Tuesday. Wells Fargo & Company upped their price target on shares of Cadence Design Systems from $365.00 to $405.00 and gave the company an "overweight" rating in a research report on Tuesday. Finally, Needham & Company LLC increased their price objective on shares of Cadence Design Systems from $325.00 to $390.00 and gave the stock a "buy" rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and an average price target of $359.00.

Insider Activity

In other news, 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 completion of the sale, the director owned 23,996 shares in the company, valued at approximately $7,677,520.20. This trade represents a 3.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the sale, the chief executive officer owned 209,548 shares of the company's stock, valued at $64,959,880. The trade was a 4.87% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,085 shares of company stock valued at $4,652,087. 0.37% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Up 0.4%

Shares of Cadence Design Systems stock traded up $1.56 during midday trading on Wednesday, hitting $367.82. The company had a trading volume of 1,144,450 shares, compared to its average volume of 2,072,014. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. The stock has a market capitalization of $100.43 billion, a P/E ratio of 99.19, a P/E/G ratio of 4.64 and a beta of 0.99. The company has a 50 day moving average of $310.57 and a 200 day moving average of $289.31. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $373.27.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, beating analysts' consensus estimates 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 30.18%. The business's revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.28 earnings per share. On average, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal 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.