E Fund Management Co. Ltd. Has $1.26 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

E Fund Management Co. Ltd. lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,622 shares of the software maker’s stock after selling 412 shares during the period. E Fund Management Co. Ltd.’s holdings in Cadence Design Systems were worth $1,259,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CDNS. OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems during the third quarter valued at approximately $26,000. Valley National Advisers Inc. increased its holdings in Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after buying an additional 47 shares during the period. Fortitude Family Office LLC acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $28,000. Rakuten Securities Inc. bought a new position in shares of Cadence Design Systems during the 4th quarter worth about $45,000. Finally, Catalyst Capital Advisors LLC boosted its position in shares of Cadence Design Systems by 34.7% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock valued at $47,000 after acquiring an additional 52 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Transactions at Cadence Design Systems

In related news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $165,216.00. Following the transaction, the senior vice president now owns 20,480 shares in the company, valued at approximately $5,639,372.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $165,216.00. Following the sale, the senior vice president now directly owns 20,480 shares of the company’s stock, valued at approximately $5,639,372.80. The disclosure for this sale can be found here. In the last three months, insiders sold 173,066 shares of company stock worth $52,199,975. 0.62% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. KeyCorp increased their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Piper Sandler cut their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, April 19th. Robert W. Baird lifted 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. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, April 22nd. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.11.

Cadence Design Systems Stock Up 1.0 %

CDNS stock traded up $2.71 during midday trading on Thursday, hitting $285.28. The company’s stock had a trading volume of 1,001,184 shares, compared to its average volume of 1,560,060. The stock has a market capitalization of $77.63 billion, a P/E ratio of 73.59, a PEG ratio of 3.32 and a beta of 1.06. The company’s fifty day moving average price is $301.33 and its 200 day moving average price is $283.20. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. Cadence Design Systems, Inc. has a twelve month low of $198.92 and a twelve month high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.02 earnings per share. As a group, equities research analysts predict that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

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.