Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Metis Global Partners LLC

Metis Global Partners LLC raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,115 shares of the software maker’s stock after acquiring an additional 133 shares during the quarter. Metis Global Partners LLC’s holdings in Cadence Design Systems were worth $3,012,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after acquiring an additional 437,101 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Cadence Design Systems by 26.1% during the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after purchasing an additional 572,251 shares during the period. Legal & General Group Plc boosted its holdings in shares of Cadence Design Systems by 1.8% during the second quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker’s stock worth $772,187,000 after purchasing an additional 43,654 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after purchasing an additional 501,833 shares during the period. Finally, Swedbank AB increased its stake in Cadence Design Systems by 15.1% in the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after purchasing an additional 230,672 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $303.04 on Friday. The company has a market cap of $83.11 billion, a P/E ratio of 79.54, a PEG ratio of 3.75 and a beta of 1.02. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The business’s 50-day simple moving average is $272.61 and its 200 day simple moving average is $282.58. 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 (NASDAQ:CDNS) last posted its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.01 earnings per share. On average, sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research note on Tuesday, August 6th. Loop Capital initiated coverage on shares of Cadence Design Systems in a report on Monday. They issued a “buy” rating and a $360.00 target price for the company. Oppenheimer initiated coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target on the stock. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Needham & Company LLC cut their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.

Insider Transactions at Cadence Design Systems

In other news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the sale, the chief financial officer now owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. This trade represents a 20.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on 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 directly owns 43,551 shares in the company, valued at $12,019,204.98. This represents a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,634 shares of company stock valued at $4,217,635. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Company 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.