CIBC Asset Management Inc Raises Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

CIBC Asset Management Inc increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.7% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 88,075 shares of the software maker’s stock after purchasing an additional 3,165 shares during the period. CIBC Asset Management Inc’s holdings in Cadence Design Systems were worth $26,463,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. State Street Corp raised its stake in Cadence Design Systems by 0.5% in the third quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock worth $3,231,422,000 after buying an additional 60,490 shares in the last quarter. Jennison Associates LLC raised its position in shares of Cadence Design Systems by 5.3% in the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after acquiring an additional 404,076 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Cadence Design Systems by 0.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker’s stock worth $1,081,098,000 after purchasing an additional 37,452 shares during the last quarter. Nordea Investment Management AB boosted its position in Cadence Design Systems by 6.5% during the fourth quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock valued at $885,356,000 after purchasing an additional 178,212 shares in the last quarter. Finally, Van ECK Associates Corp grew its stake in Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after purchasing an additional 572,251 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Activity

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the completion of the sale, the vice president now owns 14,318 shares in the company, valued at approximately $4,378,158.04. The trade was a 18.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the sale, the vice president now owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 108,416 shares of company stock worth $33,538,875. 1.99% of the stock is currently owned by insiders.

Analysts Set New Price Targets

CDNS has been the subject of several recent analyst reports. Loop Capital began coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 price objective for the company. Wells Fargo & Company began coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target on the stock. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Needham & Company LLC dropped their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Finally, Mizuho increased their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $326.08.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $295.19 on Tuesday. The stock has a 50-day simple moving average of $303.30 and a 200-day simple moving average of $286.56. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The stock has a market capitalization of $80.96 billion, a PE ratio of 77.48, a PEG ratio of 3.50 and a beta of 1.03.

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.