iA Global Asset Management Inc. Has $17.13 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

iA Global Asset Management Inc. grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 78.7% during the 4th quarter, HoldingsChannel reports. The firm owned 57,006 shares of the software maker’s stock after acquiring an additional 25,108 shares during the quarter. iA Global Asset Management Inc.’s holdings in Cadence Design Systems were worth $17,128,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Teacher Retirement System of Texas grew its position in shares of Cadence Design Systems by 40.4% in the fourth quarter. Teacher Retirement System of Texas now owns 31,147 shares of the software maker’s stock valued at $9,358,000 after purchasing an additional 8,965 shares during the last quarter. Royal London Asset Management Ltd. grew its position in shares of Cadence Design Systems by 5.2% in the fourth quarter. Royal London Asset Management Ltd. now owns 155,873 shares of the software maker’s stock valued at $46,834,000 after purchasing an additional 7,766 shares during the last quarter. Harvest Fund Management Co. Ltd grew its position in shares of Cadence Design Systems by 68.9% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 22,446 shares of the software maker’s stock valued at $6,755,000 after purchasing an additional 9,154 shares during the last quarter. Platinum Investment Management Ltd. grew its position in shares of Cadence Design Systems by 42.9% in the fourth quarter. Platinum Investment Management Ltd. now owns 5,448 shares of the software maker’s stock valued at $1,637,000 after purchasing an additional 1,635 shares during the last quarter. Finally, Trillium Asset Management LLC grew its position in Cadence Design Systems by 43.3% during the fourth quarter. Trillium Asset Management LLC now owns 80,030 shares of the software maker’s stock worth $24,045,000 after buying an additional 24,178 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CDNS has been the topic of a number of recent research reports. Oppenheimer decreased their target price on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday. Robert W. Baird decreased their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Rosenblatt Securities lifted their target price on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Bank of America decreased their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Finally, Redburn Atlantic assumed coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $324.83.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $258.70 on Thursday. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99. The firm has a 50 day moving average of $279.62 and a 200-day moving average of $284.01. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $70.91 billion, a P/E ratio of 67.02, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the transaction, the vice president now owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 101,021 shares of company stock worth $31,229,155. Insiders own 1.99% of the company’s stock.

About Cadence Design Systems

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.