16,061 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Bought by Eventide Asset Management LLC

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

Several other large investors also recently bought and sold shares of CDNS. Atria Investments Inc boosted its position in shares of Cadence Design Systems by 2.1% in the 1st quarter. Atria Investments Inc now owns 15,611 shares of the software maker’s stock valued at $4,859,000 after purchasing an additional 322 shares during the period. Cetera Investment Advisers lifted its stake in Cadence Design Systems by 117.9% in the first quarter. Cetera Investment Advisers now owns 49,816 shares of the software maker’s stock valued at $15,507,000 after buying an additional 26,951 shares during the last quarter. Cetera Advisors LLC boosted its holdings in shares of Cadence Design Systems by 124.4% in the first quarter. Cetera Advisors LLC now owns 18,521 shares of the software maker’s stock valued at $5,765,000 after acquiring an additional 10,268 shares during the period. Transcend Capital Advisors LLC purchased a new position in shares of Cadence Design Systems during the second quarter worth approximately $300,000. Finally, GAMMA Investing LLC increased its holdings in shares of Cadence Design Systems by 39.7% in the 2nd quarter. GAMMA Investing LLC now owns 2,532 shares of the software maker’s stock valued at $779,000 after acquiring an additional 719 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 0.7 %

NASDAQ:CDNS opened at $306.81 on Friday. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. 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 stock has a fifty day moving average price of $281.92 and a two-hundred day moving average price of $284.42. The stock has a market capitalization of $84.15 billion, a price-to-earnings ratio of 80.53, a PEG ratio of 4.14 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter last year, the business earned $1.01 earnings per share. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total value of $173,478.50. Following the sale, the vice president now owns 64,544 shares of the company’s stock, valued at approximately $17,226,148.16. This represents a 1.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Karna Nisewaner sold 659 shares of Cadence Design Systems stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $181,870.82. Following the transaction, the senior vice president now directly owns 16,029 shares of the company’s stock, valued at $4,423,683.42. This trade represents a 3.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,634 shares of company stock valued at $1,558,535 in the last quarter. 1.99% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CDNS. Loop Capital assumed coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 price target for the company. Berenberg Bank began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price for the company. Wells Fargo & Company started coverage on Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target on the stock. Oppenheimer started coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price on the stock. Finally, Needham & Company LLC cut their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $326.00.

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.