JARISLOWSKY FRASER Ltd Purchases 41,377 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

JARISLOWSKY FRASER Ltd lifted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 17.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 284,470 shares of the software maker's stock after buying an additional 41,377 shares during the period. JARISLOWSKY FRASER Ltd owned approximately 0.10% of Cadence Design Systems worth $85,472,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Golden State Wealth Management LLC acquired a new position in shares of Cadence Design Systems during the fourth quarter worth approximately $28,000. Ancora Advisors LLC boosted its position in shares of Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after buying an additional 112 shares during the period. Avalon Trust Co acquired a new position in shares of Cadence Design Systems during the fourth quarter worth approximately $39,000. OFI Invest Asset Management acquired a new position in shares of Cadence Design Systems during the fourth quarter worth approximately $46,000. Finally, Synergy Investment Management LLC acquired a new position in shares of Cadence Design Systems during the fourth quarter worth approximately $50,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS traded up $0.73 during trading on Wednesday, hitting $319.39. The company had a trading volume of 1,461,583 shares, compared to its average volume of 1,973,556. The business's 50-day moving average is $268.71 and its 200 day moving average is $285.84. 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. The company has a market cap of $87.21 billion, a P/E ratio of 82.74, a PEG ratio of 3.88 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the business earned $1.17 EPS. The company's revenue was up 23.1% on a year-over-year basis. Equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CDNS shares. Mizuho upped their target price on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Oppenheimer cut their target price on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. Piper Sandler upped their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 19th. Bank of America upped their target price on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Finally, Rosenblatt Securities upped their target price on Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $322.54.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the transaction, the vice president now directly owns 58,123 shares in the company, valued at $14,689,425.79. The trade was a 1.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $275.00, for a total transaction of $49,500.00. Following the transaction, the director now owns 7,411 shares in the company, valued at approximately $2,038,025. This represents a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,577 shares of company stock valued at $5,316,411 in the last three months. 1.99% of the stock is currently owned by company 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.