Mackenzie Financial Corp Acquires 1,761 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mackenzie Financial Corp increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 93,207 shares of the software maker’s stock after buying an additional 1,761 shares during the period. Mackenzie Financial Corp’s holdings in Cadence Design Systems were worth $25,387,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in CDNS. Cibc World Market Inc. increased its stake in shares of Cadence Design Systems by 2.7% during the first quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker’s stock valued at $3,541,000 after buying an additional 571 shares during the period. Prudential PLC purchased a new position in shares of Cadence Design Systems during the first quarter valued at $1,160,000. Loomis Sayles & Co. L P increased its stake in shares of Cadence Design Systems by 1,030.1% during the first quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker’s stock valued at $457,000 after buying an additional 2,534 shares during the period. Zions Bancorporation N.A. increased its stake in shares of Cadence Design Systems by 108.3% during the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after buying an additional 117 shares during the period. Finally, NewEdge Advisors LLC increased its stake in shares of Cadence Design Systems by 26.8% during the first quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock valued at $2,669,000 after buying an additional 3,433 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the sale, the director now owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the sale, the director now owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the completion of the transaction, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at $6,544,496.80. The disclosure for this sale can be found here. Insiders sold 177,544 shares of company stock valued at $53,581,207 over the last quarter. 0.62% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CDNS has been the topic of several research reports. Needham & Company LLC restated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Wednesday, March 6th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday. Piper Sandler initiated coverage on Cadence Design Systems in a research note on Thursday, April 4th. They issued a “neutral” rating and a $334.00 target price on the stock. Wells Fargo & Company lifted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, KeyCorp lifted their target price on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Monday. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $316.10.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $293.71 on Thursday. Cadence Design Systems, Inc. has a fifty-two week low of $194.01 and a fifty-two week high of $327.36. The firm has a market capitalization of $79.96 billion, a price-to-earnings ratio of 76.89, a PEG ratio of 3.66 and a beta of 1.04. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. The stock’s 50-day simple moving average is $306.58 and its 200-day simple moving average is $279.35.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The business had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the previous year, the firm earned $0.75 earnings per share. The company’s revenue was up 18.8% on a year-over-year basis. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 4.82 earnings per share for the current fiscal year.

Cadence Design Systems 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.