Fiera Capital Corp Purchases 4,838 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Fiera Capital Corp boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 24.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 24,259 shares of the software maker’s stock after acquiring an additional 4,838 shares during the period. Fiera Capital Corp’s holdings in Cadence Design Systems were worth $7,466,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CDNS. Vanguard Group Inc. grew its position in shares of Cadence Design Systems by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after buying an additional 437,101 shares during the period. Jennison Associates LLC grew its holdings in Cadence Design Systems by 6.9% during the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after acquiring an additional 459,603 shares during the period. Norges Bank acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $1,141,059,000. Van ECK Associates Corp boosted its position in shares of Cadence Design Systems by 10.5% in the 2nd quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock worth $675,731,000 after purchasing an additional 209,301 shares during the last quarter. Finally, Nordea Investment Management AB grew its stake in shares of Cadence Design Systems by 7.7% during the first quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock worth $636,172,000 after purchasing an additional 145,351 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CDNS shares. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a report on Tuesday, August 6th. KeyCorp boosted their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Bank of America increased their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Robert W. Baird lowered their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, August 6th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Cadence Design Systems Trading Down 4.7 %

Shares of NASDAQ:CDNS opened at $256.28 on Wednesday. The company’s 50-day moving average price is $282.56 and its two-hundred day moving average price is $293.78. Cadence Design Systems, Inc. has a one year low of $227.05 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. The stock has a market capitalization of $69.82 billion, a PE ratio of 66.74, a price-to-earnings-growth ratio of 3.24 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. Cadence Design Systems’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.94 earnings per share. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $314.57, for a total value of $471,855.00. Following the completion of the sale, the director now owns 46,551 shares in the company, valued at $14,643,548.07. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $307.75, for a total value of $184,650.00. Following the sale, the senior vice president now owns 19,280 shares in the company, valued at approximately $5,933,420. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Monday, July 15th. The stock was sold at an average price of $314.57, for a total transaction of $471,855.00. Following the transaction, the director now directly owns 46,551 shares of the company’s stock, valued at $14,643,548.07. The disclosure for this sale can be found here. Over the last three months, insiders sold 69,797 shares of company stock valued at $20,292,558. 1.99% of the stock is owned by corporate insiders.

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.