MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Invests $96,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 309 shares of the software maker’s stock, valued at approximately $96,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Valley National Advisers Inc. lifted its stake in Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after acquiring an additional 47 shares during the last quarter. Fortitude Family Office LLC purchased a new position in Cadence Design Systems in the 4th quarter valued at $28,000. Annapolis Financial Services LLC acquired a new stake in shares of Cadence Design Systems in the 1st quarter worth $32,000. Union Savings Bank acquired a new stake in Cadence Design Systems in the fourth quarter valued at about $33,000. Finally, Rakuten Securities Inc. acquired a new stake in Cadence Design Systems in the 4th quarter valued at about $45,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $29,179,582.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at approximately $29,179,582.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the completion of the sale, the senior vice president now directly owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,134 shares of company stock valued at $14,978,483. Corporate insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $316.78 on Wednesday. The firm has a 50-day moving average price of $295.02 and a 200 day moving average price of $294.24. The firm has a market capitalization of $86.30 billion, a PE ratio of 82.49, a P/E/G ratio of 3.77 and a beta of 1.03. Cadence Design Systems, Inc. has a 52-week low of $217.77 and a 52-week high of $328.99. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the business posted $1.02 earnings per share. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently commented on the company. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday, April 22nd. Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, May 17th. Piper Sandler lowered their price objective on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday, April 23rd. Finally, Robert W. Baird increased their target price on shares of Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a report on Tuesday. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $334.89.

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.