Bank of Montreal Can Has $149.16 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bank of Montreal Can boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 478,469 shares of the software maker’s stock after purchasing an additional 22,493 shares during the period. Bank of Montreal Can owned 0.18% of Cadence Design Systems worth $149,163,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Swedbank AB bought a new stake in shares of Cadence Design Systems in the 1st quarter valued at about $439,988,000. Principal Financial Group Inc. boosted its stake in shares of Cadence Design Systems by 280.1% during the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after acquiring an additional 1,119,824 shares during the period. BNP Paribas Financial Markets increased its holdings in shares of Cadence Design Systems by 58.1% during the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after acquiring an additional 468,195 shares during the last quarter. Jennison Associates LLC raised its stake in Cadence Design Systems by 6.9% in the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after acquiring an additional 459,603 shares during the period. Finally, 1832 Asset Management L.P. lifted its holdings in Cadence Design Systems by 111.5% during the 1st quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock valued at $266,583,000 after purchasing an additional 451,530 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Activity

In related news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the sale, the senior vice president now directly owns 19,280 shares in the company, valued at approximately $5,933,420. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the transaction, the senior vice president now directly owns 19,280 shares in the company, valued at approximately $5,933,420. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were 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 owns 95,408 shares in the company, valued at approximately $29,179,582.72. The disclosure for this sale can be found here. In the last quarter, insiders have sold 38,272 shares of company stock worth $10,833,362. Insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on CDNS. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, August 6th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. KeyCorp boosted their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Bank of America increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Finally, Robert W. Baird reduced their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Cadence Design Systems Stock Up 0.1 %

Shares of NASDAQ CDNS opened at $274.08 on Tuesday. Cadence Design Systems, Inc. has a 52 week low of $227.05 and a 52 week high of $328.99. The stock’s fifty day moving average is $268.72 and its 200 day moving average is $289.89. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The stock has a market capitalization of $74.67 billion, a P/E ratio of 71.38, a PEG ratio of 3.19 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.94 EPS. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

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.