Swiss National Bank Buys 600 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Swiss National Bank boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.1% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 807,700 shares of the software maker’s stock after purchasing an additional 600 shares during the period. Swiss National Bank’s holdings in Cadence Design Systems were worth $218,911,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Van ECK Associates Corp grew its holdings in Cadence Design Systems by 26.1% during 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 period. Legal & General Group Plc raised its position in shares of Cadence Design Systems by 1.8% in the second quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker’s stock valued at $772,187,000 after purchasing an additional 43,654 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after buying an additional 501,833 shares in the last quarter. Swedbank AB boosted its holdings 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 worth $475,336,000 after buying an additional 230,672 shares during the period. Finally, Impax Asset Management Group plc raised its holdings in 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 acquiring an additional 237,495 shares during the period. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Trading Down 4.4 %

NASDAQ:CDNS opened at $289.71 on Monday. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The company has a 50-day moving average price of $274.49 and a 200-day moving average price of $282.88. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The stock has a market cap of $79.46 billion, a price-to-earnings ratio of 76.04, a P/E/G ratio of 3.93 and a beta of 1.02.

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

Insider Buying and Selling

In other news, CFO John M. Wall sold 10,000 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the sale, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. This represents a 20.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total transaction of $173,478.50. Following the completion of the transaction, the vice president now owns 64,544 shares in the company, valued at approximately $17,226,148.16. The trade was a 1.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,634 shares of company stock valued at $4,217,635 over the last quarter. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CDNS. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. Robert W. Baird boosted their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Loop Capital assumed coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price objective on the stock. Needham & Company LLC cut their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Finally, Mizuho assumed coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $326.00.

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.