Summit Global Investments Takes Position in Cadence Design Systems, Inc. $CDNS

Summit Global Investments acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the third quarter, Holdings Channel.com reports. The fund acquired 6,662 shares of the software maker’s stock, valued at approximately $2,340,000.

Other institutional investors have also added to or reduced their stakes in the company. Pacer Advisors Inc. raised its stake in shares of Cadence Design Systems by 83.3% during the third quarter. Pacer Advisors Inc. now owns 182,348 shares of the software maker’s stock worth $64,052,000 after acquiring an additional 82,856 shares in the last quarter. Patton Fund Management Inc. grew its holdings in shares of Cadence Design Systems by 1,743.7% during the 3rd quarter. Patton Fund Management Inc. now owns 13,994 shares of the software maker’s stock valued at $4,916,000 after purchasing an additional 13,235 shares during the last quarter. Stanley Laman Group Ltd. purchased a new position in Cadence Design Systems in the 3rd quarter worth $6,177,000. Westerkirk Capital Inc. bought a new stake in Cadence Design Systems in the second quarter worth $2,024,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Cadence Design Systems by 10.9% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 142,994 shares of the software maker’s stock worth $44,064,000 after purchasing an additional 14,022 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 5.6%

Shares of Cadence Design Systems stock opened at $302.67 on Friday. The company has a current ratio of 3.05, a quick ratio of 2.84 and a debt-to-equity ratio of 0.48. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $376.45. The company has a market cap of $82.39 billion, a P/E ratio of 78.01, a PEG ratio of 3.58 and a beta of 1.02. The company’s fifty day simple moving average is $317.97 and its two-hundred day simple moving average is $333.06.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, October 27th. The software maker reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.14. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.13%. The firm had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the previous year, the firm posted $1.64 EPS. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year. Research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Ratings Changes

Several research analysts have recently commented on CDNS shares. Needham & Company LLC reiterated a “buy” rating and issued a $390.00 price objective on shares of Cadence Design Systems in a report on Monday, December 22nd. JPMorgan Chase & Co. raised their price target on Cadence Design Systems from $390.00 to $405.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Rosenblatt Securities boosted their price objective on Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a research report on Tuesday, October 28th. Wolfe Research restated an “outperform” rating and issued a $385.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 28th. Finally, Oppenheimer upgraded shares of Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price target for the company in a report on Monday, December 1st. Thirteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $379.59.

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 20,000 shares of Cadence Design Systems stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $340.00, for a total transaction of $6,800,000.00. Following the sale, the chief executive officer directly owned 195,844 shares of the company’s stock, valued at approximately $66,586,960. The trade was a 9.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $337.48, for a total value of $60,746.40. Following the transaction, the director owned 7,650 shares in the company, valued at $2,581,722. This trade represents a 2.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 62,025 shares of company stock valued at $20,369,946 over the last ninety days. 1.99% of the stock is owned by corporate insiders.

About Cadence Design Systems

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.