Gulf International Bank UK Ltd Buys 136 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Gulf International Bank UK Ltd lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,525 shares of the software maker’s stock after purchasing an additional 136 shares during the period. Gulf International Bank UK Ltd’s holdings in Cadence Design Systems were worth $7,011,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in CDNS. Pinebridge Investments L.P. raised its stake in Cadence Design Systems by 37.5% in the 4th quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock valued at $5,258,000 after acquiring an additional 5,269 shares during the period. Nomura Asset Management Co. Ltd. raised its stake in Cadence Design Systems by 3.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock valued at $30,435,000 after acquiring an additional 3,899 shares during the period. USA Financial Formulas raised its stake in Cadence Design Systems by 380.7% in the 4th quarter. USA Financial Formulas now owns 8,922 shares of the software maker’s stock valued at $2,430,000 after acquiring an additional 7,066 shares during the period. Miracle Mile Advisors LLC bought a new stake in Cadence Design Systems in the 4th quarter valued at $934,000. Finally, Dai ichi Life Insurance Company Ltd raised its stake in Cadence Design Systems by 10.8% in the 4th quarter. Dai ichi Life Insurance Company Ltd now owns 65,971 shares of the software maker’s stock valued at $17,969,000 after acquiring an additional 6,422 shares during the period. Institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, April 22nd. Robert W. Baird upped their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. KeyCorp upped their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, May 17th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $331.11.

Cadence Design Systems Stock Performance

CDNS opened at $318.39 on Friday. The firm has a market cap of $86.74 billion, a P/E ratio of 82.91, a price-to-earnings-growth ratio of 3.90 and a beta of 1.04. Cadence Design Systems, Inc. has a 52-week low of $217.77 and a 52-week high of $328.99. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The business’s fifty day moving average is $292.83 and its 200-day moving average is $292.26.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. Cadence Design Systems’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.02 EPS. Sell-side analysts expect that Cadence Design Systems, Inc. will post 4.77 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $297.45, for a total value of $9,573,130.80. Following the completion of the transaction, the vice president now directly owns 95,408 shares in the company, valued at $28,379,109.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the transaction, the vice president now owns 95,408 shares in the company, valued at $28,379,109.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John M. Wall sold 21,700 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $311.40, for a total transaction of $6,757,380.00. Following the sale, the chief financial officer now directly owns 41,035 shares of the company’s stock, valued at $12,778,299. The disclosure for this sale can be found here. Insiders have sold 62,834 shares of company stock valued at $18,989,549 over the last ninety days. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Company 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.