Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by National Bank of Canada FI

National Bank of Canada FI boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 25.5% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 276,971 shares of the software maker’s stock after purchasing an additional 56,237 shares during the period. National Bank of Canada FI owned about 0.10% of Cadence Design Systems worth $75,067,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Dudley Capital Management LLC lifted its position in shares of Cadence Design Systems by 4.3% during the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock worth $257,000 after purchasing an additional 39 shares in the last quarter. Trust Point Inc. lifted its holdings in Cadence Design Systems by 2.9% during the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after buying an additional 40 shares in the last quarter. Falcon Wealth Planning boosted its position in Cadence Design Systems by 5.1% in the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after buying an additional 40 shares during the period. Fifth Third Wealth Advisors LLC grew its stake in shares of Cadence Design Systems by 0.7% in the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after acquiring an additional 40 shares in the last quarter. Finally, Venture Visionary Partners LLC raised its stake in shares of Cadence Design Systems by 2.5% in the third quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock valued at $463,000 after acquiring an additional 41 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CDNS. Wells Fargo & Company began coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target on the stock. Needham & Company LLC decreased their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Oppenheimer initiated coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective on the stock. Loop Capital assumed coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 target price for the company. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $326.00.

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 dated Tuesday, October 1st. The shares were sold at an average price of $273.44, for a total transaction of $177,736.00. Following the transaction, the vice president now directly owns 61,761 shares in the company, valued at $16,887,927.84. The trade was a 1.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $413,970.00. Following the completion of the sale, the director now owns 43,551 shares of the company’s stock, valued at approximately $12,019,204.98. The trade was a 3.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,634 shares of company stock valued at $1,584,080 in the last ninety days. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

CDNS stock opened at $307.51 on Friday. The business has a 50 day simple moving average of $285.75 and a 200-day simple moving average of $285.17. The company has a market capitalization of $84.34 billion, a P/E ratio of 80.71, a PEG ratio of 4.41 and a beta of 1.03. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period last year, the firm posted $1.01 EPS. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

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.