Raiffeisen Bank International AG Makes New Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Raiffeisen Bank International AG acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 37,690 shares of the software maker's stock, valued at approximately $11,377,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC bought a new position in Cadence Design Systems during the fourth quarter worth $28,000. Ancora Advisors LLC boosted its position in 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 purchasing an additional 112 shares during the period. Avalon Trust Co bought a new position in Cadence Design Systems during the fourth quarter worth $39,000. OFI Invest Asset Management bought a new position in Cadence Design Systems during the fourth quarter worth $46,000. Finally, Synergy Investment Management LLC bought a new position in Cadence Design Systems during the fourth quarter worth $50,000. 84.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CDNS shares. Bank of America lifted their target price on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Loop Capital dropped their target price on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. Needham & Company LLC reissued a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a report on Tuesday. Rosenblatt Securities lifted their target price on Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a report on Tuesday, April 29th. Finally, KeyCorp lifted their target price on Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $324.08.

Cadence Design Systems Stock Down 0.2%

CDNS stock opened at $318.77 on Friday. The company has a market cap of $87.04 billion, a PE ratio of 82.58, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. The business has a 50-day simple moving average of $270.41 and a 200 day simple moving average of $286.29. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

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

Insiders Place Their Bets

In other news, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $275.00, for a total transaction of $49,500.00. Following the sale, the director now directly owns 7,411 shares in the company, valued at approximately $2,038,025. The trade was a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the business's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the sale, the vice president now owns 108,799 shares in the company, valued at approximately $27,486,979.36. This trade represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,577 shares of company stock valued at $5,316,411. 1.99% of the stock is currently owned by corporate 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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