Eventide Asset Management LLC Buys New Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Eventide Asset Management LLC purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 16,061 shares of the software maker’s stock, valued at approximately $4,353,000.

Other institutional investors also recently made changes to their positions in the company. Park National Corp OH lifted its stake in shares of Cadence Design Systems by 19.8% during the second quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock valued at $41,931,000 after buying an additional 22,537 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Cadence Design Systems by 48.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after purchasing an additional 310,250 shares during the period. SG Americas Securities LLC boosted its holdings in shares of Cadence Design Systems by 88.4% during the second quarter. SG Americas Securities LLC now owns 54,022 shares of the software maker’s stock worth $16,625,000 after purchasing an additional 25,347 shares during the last quarter. Teamwork Financial Advisors LLC grew its position in shares of Cadence Design Systems by 19.4% in the third quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock valued at $3,559,000 after purchasing an additional 2,136 shares during the period. Finally, Vontobel Holding Ltd. lifted its position in Cadence Design Systems by 5.3% during the third quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker’s stock worth $61,957,000 after buying an additional 11,568 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the completion of the transaction, the director now directly owns 43,551 shares of the company’s stock, valued at approximately $12,019,204.98. This represents a 3.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the sale, the vice president now directly owns 61,111 shares in the company, valued at approximately $16,866,636. This trade represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,634 shares of company stock worth $1,558,535 over the last 90 days. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Up 0.7 %

NASDAQ:CDNS opened at $306.81 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The company has a market capitalization of $84.15 billion, a price-to-earnings ratio of 80.53, a price-to-earnings-growth ratio of 4.14 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 stock has a 50-day simple moving average of $281.92 and a 200 day simple moving average of $284.42.

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

Wall Street Analyst Weigh In

CDNS has been the subject of several recent analyst reports. Needham & Company LLC lowered their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Robert W. Baird boosted their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target on the stock. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Loop Capital initiated coverage on Cadence Design Systems in a report on Monday, November 11th. They set a “buy” rating and a $360.00 price objective for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $326.00.

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.