E Fund Management Co. Ltd. Acquires 5,746 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

E Fund Management Co. Ltd. boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 88.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,207 shares of the software maker’s stock after acquiring an additional 5,746 shares during the quarter. E Fund Management Co. Ltd.’s holdings in Cadence Design Systems were worth $3,668,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CDNS. Swedbank AB lifted its position in Cadence Design Systems by 15.1% in the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after acquiring an additional 230,672 shares in the last quarter. Impax Asset Management Group plc lifted its holdings in shares of Cadence Design Systems by 20.9% during the 3rd quarter. Impax Asset Management Group plc now owns 1,374,531 shares of the software maker’s stock valued at $371,719,000 after buying an additional 237,495 shares during the period. Catalina Capital Group LLC lifted its holdings in shares of Cadence Design Systems by 8.1% during the 3rd quarter. Catalina Capital Group LLC now owns 1,082 shares of the software maker’s stock valued at $293,000 after buying an additional 81 shares during the period. Blake Schutter Theil Wealth Advisors LLC bought a new position in shares of Cadence Design Systems during the 3rd quarter valued at $211,000. Finally, Advisor Resource Council bought a new position in shares of Cadence Design Systems during the 3rd quarter valued at $202,000. 84.85% of the stock is owned by institutional investors.

Insider Activity

In related news, VP Paul Scannell sold 3,171 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the sale, the vice president now owns 14,318 shares of the company’s stock, valued at $4,378,158.04. This trade represents a 18.13 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated 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 approximately $14,689,425.79. The trade was a 1.11 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 108,416 shares of company stock worth $33,504,126. 1.99% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CDNS shares. Redburn Atlantic started coverage on Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. Piper Sandler upped their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Mizuho increased their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Finally, Bank of America cut their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $326.92.

Cadence Design Systems Stock Down 0.6 %

CDNS stock opened at $243.16 on Friday. Cadence Design Systems, Inc. has a one year low of $233.72 and a one year high of $328.99. The stock has a market capitalization of $66.65 billion, a PE ratio of 62.99, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The company has a fifty day moving average of $289.91 and a 200-day moving average of $285.68.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. As a group, analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

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.