Impax Asset Management Group plc Acquires 43,747 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Impax Asset Management Group plc raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,137,036 shares of the software maker’s stock after acquiring an additional 43,747 shares during the period. Cadence Design Systems comprises 1.4% of Impax Asset Management Group plc’s holdings, making the stock its 17th biggest holding. Impax Asset Management Group plc owned approximately 0.42% of Cadence Design Systems worth $349,228,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Ulland Investment Advisors LLC bought a new stake in shares of Cadence Design Systems during the 1st quarter valued at approximately $25,000. RiverPark Advisors LLC acquired a new position in shares of Cadence Design Systems during the first quarter worth $26,000. ORG Partners LLC lifted its stake in shares of Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after acquiring an additional 82 shares during the last quarter. Annapolis Financial Services LLC acquired a new stake in shares of Cadence Design Systems during the 1st quarter valued at $32,000. Finally, Union Savings Bank bought a new stake in Cadence Design Systems during the 4th quarter worth $33,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Trading Down 0.2 %

Cadence Design Systems stock traded down $0.47 during trading hours on Friday, reaching $250.38. 152,131 shares of the company’s stock were exchanged, compared to its average volume of 1,711,688. The firm’s 50 day simple moving average is $280.32 and its 200 day simple moving average is $293.20. Cadence Design Systems, Inc. has a twelve month low of $227.05 and a twelve month high of $328.99. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $68.21 billion, a PE ratio of 65.33, a PEG ratio of 3.24 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The firm’s revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.94 earnings per share. Research analysts predict that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Insider Activity

In other news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the transaction, the vice president now owns 95,408 shares in the company, valued at $29,179,582.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction on Monday, July 1st. The shares were sold at an average price of $307.75, for a total value of $184,650.00. Following the completion of the sale, the senior vice president now owns 19,280 shares of the company’s stock, valued at approximately $5,933,420. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the transaction, the vice president now owns 95,408 shares in the company, valued at approximately $29,179,582.72. The disclosure for this sale can be found here. Insiders sold 38,263 shares of company stock worth $10,892,906 in the last quarter. 1.99% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have commented on CDNS shares. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Bank of America boosted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. KeyCorp raised their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Robert W. Baird cut their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Finally, Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research report on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $334.56.

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.