Impax Asset Management Group plc grew its position in Cadence Design Systems Inc (NASDAQ:CDNS) by 1,345.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 223,663 shares of the software maker’s stock after buying an additional 208,188 shares during the period. Impax Asset Management Group plc’s holdings in Cadence Design Systems were worth $9,725,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the company. M&T Bank Corp boosted its holdings in shares of Cadence Design Systems by 1.2% in the 4th quarter. M&T Bank Corp now owns 17,805 shares of the software maker’s stock valued at $775,000 after buying an additional 213 shares in the last quarter. Fort L.P. boosted its stake in Cadence Design Systems by 1.7% in the 4th quarter. Fort L.P. now owns 23,768 shares of the software maker’s stock worth $1,033,000 after purchasing an additional 402 shares in the last quarter. Bessemer Group Inc. boosted its stake in Cadence Design Systems by 51.9% in the 4th quarter. Bessemer Group Inc. now owns 1,344 shares of the software maker’s stock worth $59,000 after purchasing an additional 459 shares in the last quarter. CIBC Asset Management Inc boosted its stake in Cadence Design Systems by 1.6% in the 4th quarter. CIBC Asset Management Inc now owns 38,324 shares of the software maker’s stock worth $1,666,000 after purchasing an additional 591 shares in the last quarter. Finally, GAM Holding AG boosted its stake in Cadence Design Systems by 4.5% in the 4th quarter. GAM Holding AG now owns 14,995 shares of the software maker’s stock worth $652,000 after purchasing an additional 652 shares in the last quarter. Institutional investors and hedge funds own 86.94% of the company’s stock.
In other Cadence Design Systems news, VP Surendra Babu Mandava sold 3,306 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $58.46, for a total transaction of $193,268.76. Following the completion of the transaction, the vice president now directly owns 232,518 shares of the company’s stock, valued at approximately $13,593,002.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas P. Beckley sold 37,855 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $58.90, for a total transaction of $2,229,659.50. Following the transaction, the insider now directly owns 220,618 shares of the company’s stock, valued at $12,994,400.20. The disclosure for this sale can be found here. Insiders have sold a total of 232,953 shares of company stock valued at $11,907,228 over the last three months. 2.28% of the stock is currently owned by insiders.
CDNS stock opened at $61.24 on Wednesday. The company has a market capitalization of $17.22 billion, a P/E ratio of 49.79, a P/E/G ratio of 3.63 and a beta of 1.10. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 0.27. Cadence Design Systems Inc has a 52 week low of $35.49 and a 52 week high of $62.17.
Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Tuesday, February 19th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. Cadence Design Systems had a net margin of 16.17% and a return on equity of 28.36%. The company had revenue of $569.90 million during the quarter, compared to analyst estimates of $550.22 million. During the same period last year, the firm posted $0.39 EPS. Cadence Design Systems’s revenue for the quarter was up 13.6% compared to the same quarter last year. As a group, equities research analysts forecast that Cadence Design Systems Inc will post 1.4 EPS for the current fiscal year.
A number of research firms recently commented on CDNS. Needham & Company LLC lifted their target price on shares of Cadence Design Systems from $60.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, March 14th. ValuEngine upgraded shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 23rd. Zacks Investment Research upgraded shares of Cadence Design Systems from a “hold” rating to a “strong-buy” rating and set a $63.00 target price for the company in a research note on Friday, February 22nd. DA Davidson lifted their target price on shares of Cadence Design Systems to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, February 20th. Finally, BidaskClub upgraded shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Friday, February 15th. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and three have given a strong buy rating to the company. Cadence Design Systems has a consensus rating of “Buy” and an average target price of $54.88.
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About Cadence Design Systems
Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis 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 simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.
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