Raiffeisen Bank International AG Has $12.49 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Raiffeisen Bank International AG increased its stake in Cadence Design Systems by 29.1% in Q1, holding shares worth $12.49 million after acquiring nearly 11,000 additional shares.
• A variety of institutional investors have bolstered their investments in Cadence, with over 84.85% of the stock now owned by these investors and hedge funds.
• Recent analyst ratings suggest a mixed outlook, with one firm downgrading to "hold" but several others upgrading price targets to as high as $390, indicating a consensus rating of "Moderate Buy."

Raiffeisen Bank International AG raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 29.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 48,668 shares of the software maker's stock after acquiring an additional 10,978 shares during the quarter. Raiffeisen Bank International AG's holdings in Cadence Design Systems were worth $12,492,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in CDNS. Brighton Jones LLC lifted its stake in Cadence Design Systems by 80.2% in the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock valued at $456,000 after acquiring an additional 676 shares during the last quarter. Highview Capital Management LLC DE lifted its stake in Cadence Design Systems by 2.7% in the fourth quarter. Highview Capital Management LLC DE now owns 6,304 shares of the software maker's stock valued at $1,894,000 after acquiring an additional 163 shares during the last quarter. Huntington National Bank lifted its stake in Cadence Design Systems by 15.1% in the fourth quarter. Huntington National Bank now owns 2,132 shares of the software maker's stock valued at $641,000 after acquiring an additional 279 shares during the last quarter. Arete Wealth Advisors LLC acquired a new stake in Cadence Design Systems in the fourth quarter valued at approximately $222,000. Finally, Prudential PLC lifted its stake in Cadence Design Systems by 53.5% in the fourth quarter. Prudential PLC now owns 28,553 shares of the software maker's stock valued at $8,579,000 after acquiring an additional 9,950 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Wall Street Zen cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. JPMorgan Chase & Co. upped their target price on shares of Cadence Design Systems from $330.00 to $390.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Loop Capital upped 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. Robert W. Baird upped their target price on shares of Cadence Design Systems from $340.00 to $380.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Finally, Needham & Company LLC upped their target price on shares of Cadence Design Systems from $325.00 to $390.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $364.33.

Cadence Design Systems Trading Down 2.1%

CDNS opened at $356.97 on Friday. The company has a current ratio of 2.82, a quick ratio of 2.90 and a debt-to-equity ratio of 0.49. 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 $97.27 billion, a PE ratio of 96.48, a PEG ratio of 4.68 and a beta of 0.97. The firm has a 50-day moving average price of $313.43 and a two-hundred day moving average price of $290.74.

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

Insider Activity

In related news, VP Paul Cunningham sold 1,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $306.35, for a total value of $306,350.00. Following the sale, the vice president directly owned 105,499 shares in the company, valued at $32,319,618.65. This trade represents a 0.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director James D. Plummer sold 868 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the completion of the sale, the director owned 23,996 shares in the company, valued at $7,677,520.20. This represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,698 shares of company stock valued at $1,126,667. 1.99% of the stock is currently owned by insiders.

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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