National Asset Management Inc. Purchases Shares of 3,847 Cadence Design Systems, Inc. (NASDAQ:CDNS)

National Asset Management Inc. purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 3,847 shares of the software maker’s stock, valued at approximately $407,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Patriot Financial Group Insurance Agency LLC purchased a new position in Cadence Design Systems during the 3rd quarter valued at approximately $28,000. Lloyd Advisory Services LLC. purchased a new position in Cadence Design Systems during the 2nd quarter valued at approximately $26,000. JJJ Advisors Inc. purchased a new position in shares of Cadence Design Systems in the 3rd quarter worth approximately $30,000. Allworth Financial LP purchased a new position in shares of Cadence Design Systems in the 2nd quarter worth approximately $29,000. Finally, Newfound Research LLC purchased a new position in shares of Cadence Design Systems in the 3rd quarter worth approximately $38,000. Institutional investors and hedge funds own 81.47% of the company’s stock.

A number of equities analysts have recently commented on the company. Royal Bank of Canada lifted their target price on Cadence Design Systems from $122.00 to $127.00 and gave the stock an “outperform” rating in a report on Tuesday, October 20th. Needham & Company LLC lifted their target price on Cadence Design Systems from $115.00 to $126.00 and gave the stock a “buy” rating in a report on Tuesday, October 20th. Wells Fargo & Company lifted their target price on Cadence Design Systems from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Tuesday, October 20th. UBS Group lifted their target price on Cadence Design Systems from $91.00 to $125.00 and gave the stock a “neutral” rating in a report on Wednesday, October 14th. Finally, Bank of America reiterated a “buy” rating and issued a $130.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 20th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $110.09.

Shares of CDNS stock opened at $112.79 on Friday. Cadence Design Systems, Inc. has a 52-week low of $51.39 and a 52-week high of $127.50. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.51 and a current ratio of 1.55. The firm has a market capitalization of $31.46 billion, a P/E ratio of 29.30, a P/E/G ratio of 3.69 and a beta of 1.11. The stock has a 50 day moving average price of $113.19 and a 200 day moving average price of $102.17.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 19th. The software maker reported $0.70 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.09. The business had revenue of $667.00 million during the quarter, compared to analyst estimates of $642.29 million. Cadence Design Systems had a return on equity of 48.31% and a net margin of 42.68%. Cadence Design Systems’s revenue was up 15.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.54 EPS. As a group, sell-side analysts forecast that Cadence Design Systems, Inc. will post 2.02 EPS for the current year.

In other Cadence Design Systems news, VP Chin-Chi Teng sold 4,000 shares of Cadence Design Systems stock in a transaction on Monday, August 31st. The stock was sold at an average price of $110.80, for a total transaction of $443,200.00. Following the completion of the sale, the vice president now directly owns 182,587 shares of the company’s stock, valued at approximately $20,230,639.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Aneel Zaman sold 1,765 shares of Cadence Design Systems stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $111.25, for a total value of $196,356.25. Following the sale, the vice president now directly owns 173,444 shares of the company’s stock, valued at $19,295,645. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 137,275 shares of company stock valued at $15,649,760. 2.58% of the stock is currently owned by corporate insiders.

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 emulation platform; and Protium, a prototyping platform for chip verification.

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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