Toronto Dominion Bank Has $46.89 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Toronto Dominion Bank increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 3.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 156,061 shares of the software maker's stock after purchasing an additional 5,551 shares during the period. Toronto Dominion Bank owned approximately 0.06% of Cadence Design Systems worth $46,890,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in CDNS. Principal Financial Group Inc. boosted its stake in shares of Cadence Design Systems by 10.7% during the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker's stock worth $672,300,000 after buying an additional 216,075 shares during the last quarter. Pittenger & Anderson Inc. grew its stake in Cadence Design Systems by 50.1% in the fourth quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker's stock valued at $1,589,000 after purchasing an additional 1,766 shares in the last quarter. Meridiem Investment Management Ltd. increased its position in shares of Cadence Design Systems by 64.3% during the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker's stock worth $235,625,000 after purchasing an additional 306,887 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Cadence Design Systems by 132.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker's stock valued at $41,850,000 after buying an additional 79,268 shares during the last quarter. Finally, Citizens Financial Group Inc. RI boosted its holdings in shares of Cadence Design Systems by 80.6% in the 4th quarter. Citizens Financial Group Inc. RI now owns 8,058 shares of the software maker's stock valued at $2,421,000 after buying an additional 3,595 shares during the last quarter. Institutional investors own 84.85% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on CDNS. Rosenblatt Securities upped their price target on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 29th. Mizuho raised their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Loop Capital cut their price objective on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. Finally, Piper Sandler lifted their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $325.23.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the sale, the vice president now directly owns 58,123 shares in the company, valued at approximately $14,689,425.79. The trade was a 1.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James D. Plummer sold 868 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the sale, the director now directly owns 23,996 shares in the company, valued at $7,677,520.20. This represents a 3.49% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,445 shares of company stock worth $5,594,127. Corporate insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS traded down $0.92 during trading hours on Thursday, reaching $316.63. 1,480,768 shares of the stock were exchanged, compared to its average volume of 1,977,671. The firm has a market capitalization of $86.45 billion, a price-to-earnings ratio of 82.03, a P/E/G ratio of 3.88 and a beta of 1.04. The stock's fifty day simple moving average is $276.76 and its 200 day simple moving average is $287.31. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the prior year, the firm posted $1.17 EPS. The company's revenue for the quarter was up 23.1% on a year-over-year basis. Sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS 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.