E Fund Management Co. Ltd. Buys 943 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

E Fund Management Co. Ltd. increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 20.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,474 shares of the software maker’s stock after acquiring an additional 943 shares during the quarter. E Fund Management Co. Ltd.’s holdings in Cadence Design Systems were worth $1,685,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Cadence Design Systems by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after purchasing an additional 437,101 shares in the last quarter. Jennison Associates LLC boosted its stake in Cadence Design Systems by 6.9% in the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after purchasing an additional 459,603 shares in the last quarter. Van ECK Associates Corp boosted its stake in Cadence Design Systems by 10.5% in the 2nd quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock worth $675,731,000 after purchasing an additional 209,301 shares in the last quarter. Nordea Investment Management AB boosted its stake in Cadence Design Systems by 7.7% in the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock worth $636,172,000 after purchasing an additional 145,351 shares in the last quarter. Finally, Swedbank AB boosted its stake in Cadence Design Systems by 7.8% in the 2nd quarter. Swedbank AB now owns 1,523,142 shares of the software maker’s stock worth $468,747,000 after purchasing an additional 109,662 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on CDNS shares. KeyCorp raised their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research report on Tuesday, August 6th. Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Bank of America lifted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $334.56.

Insider Buying and Selling

In related news, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction that occurred on 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 completion of the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $29,179,582.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the sale, the director now directly owns 46,551 shares in the company, valued at approximately $14,643,548.07. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction that occurred 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 sale, the vice president now owns 95,408 shares in the company, valued at $29,179,582.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 36,113 shares of company stock valued at $10,237,521. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $274.79 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. The stock has a market cap of $74.86 billion, a price-to-earnings ratio of 71.56, a price-to-earnings-growth ratio of 3.19 and a beta of 1.02. The firm has a 50 day simple moving average of $272.06 and a 200-day simple moving average of $291.01. Cadence Design Systems, Inc. has a 1-year low of $227.05 and a 1-year high of $328.99.

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