Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Position Raised by Altshuler Shaham Ltd

Altshuler Shaham Ltd lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1,203.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 5,292 shares of the software maker’s stock after acquiring an additional 4,886 shares during the quarter. Altshuler Shaham Ltd’s holdings in Cadence Design Systems were worth $564,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bay Harbor Wealth Management LLC boosted its stake in shares of Cadence Design Systems by 26.2% during the 3rd quarter. Bay Harbor Wealth Management LLC now owns 544 shares of the software maker’s stock worth $58,000 after acquiring an additional 113 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Cadence Design Systems by 1.1% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 17,434 shares of the software maker’s stock worth $1,858,000 after acquiring an additional 190 shares in the last quarter. Mission Wealth Management LP boosted its stake in shares of Cadence Design Systems by 6.4% during the 2nd quarter. Mission Wealth Management LP now owns 3,644 shares of the software maker’s stock worth $350,000 after acquiring an additional 218 shares in the last quarter. Cornerstone Advisors Inc. boosted its stake in shares of Cadence Design Systems by 26.6% during the 2nd quarter. Cornerstone Advisors Inc. now owns 1,132 shares of the software maker’s stock worth $109,000 after acquiring an additional 238 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Cadence Design Systems by 1.5% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 16,573 shares of the software maker’s stock worth $1,767,000 after acquiring an additional 243 shares in the last quarter. 81.47% of the stock is owned by institutional investors and hedge funds.

In other Cadence Design Systems news, CEO Lip Bu Tan sold 50,000 shares of the firm’s stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $115.64, for a total transaction of $5,782,000.00. Following the transaction, the chief executive officer now directly owns 781,709 shares in the company, valued at $90,396,828.76. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, President Anirudh Devgan sold 3,922 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $111.23, for a total value of $436,244.06. Following the transaction, the president now owns 324,406 shares in the company, valued at $36,083,679.38. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 137,275 shares of company stock worth $15,649,760. Corporate insiders own 2.58% of the company’s stock.

CDNS opened at $112.79 on Friday. The stock has a market cap of $31.46 billion, a price-to-earnings ratio of 29.30, a PEG ratio of 3.69 and a beta of 1.11. Cadence Design Systems, Inc. has a 1 year low of $51.39 and a 1 year high of $127.50. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 0.14. The stock has a fifty day moving average price of $113.19 and a 200 day moving average price of $102.17.

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

Several brokerages have recently commented on CDNS. Wells Fargo & Company raised their target price on Cadence Design Systems from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 20th. Royal Bank of Canada raised their target price on Cadence Design Systems from $122.00 to $127.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 20th. Bank of America reaffirmed a “buy” rating and issued a $130.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 20th. UBS Group raised their target price on Cadence Design Systems from $91.00 to $125.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 14th. Finally, BidaskClub raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Saturday, November 7th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $110.09.

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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