2,351 Shares in Cadence Design Systems, Inc. $CDNS Bought by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS purchased a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 3rd quarter, Holdings Channel.com reports. The fund purchased 2,351 shares of the software maker’s stock, valued at approximately $826,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Barrett & Company Inc. purchased a new position in shares of Cadence Design Systems in the second quarter worth about $31,000. Strategic Wealth Investment Group LLC bought a new position in Cadence Design Systems during the 2nd quarter worth approximately $32,000. Promus Capital LLC purchased a new position in Cadence Design Systems in the 2nd quarter worth approximately $33,000. Robbins Farley bought a new stake in Cadence Design Systems in the third quarter valued at approximately $35,000. Finally, E Fund Management Hong Kong Co. Ltd. lifted its position in Cadence Design Systems by 41.1% in the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 127 shares of the software maker’s stock valued at $39,000 after purchasing an additional 37 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Stock Up 0.7%

Shares of NASDAQ CDNS opened at $320.49 on Thursday. The firm has a fifty day simple moving average of $317.96 and a two-hundred day simple moving average of $333.28. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $376.45. The company has a current ratio of 3.05, a quick ratio of 2.84 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $87.24 billion, a PE ratio of 82.60, a price-to-earnings-growth ratio of 3.55 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, October 27th. The software maker reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the previous year, the company earned $1.64 earnings per share. Cadence Design Systems’s quarterly revenue was up 10.1% on a year-over-year basis. Equities analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently commented on CDNS shares. BNP Paribas Exane started coverage on shares of Cadence Design Systems in a research note on Thursday, October 2nd. They issued an “outperform” rating and a $400.00 target price on the stock. Robert W. Baird raised their price target on shares of Cadence Design Systems from $390.00 to $418.00 and gave the stock an “outperform” rating in a report on Tuesday, October 28th. Wells Fargo & Company boosted their price objective on shares of Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. Wolfe Research reaffirmed an “outperform” rating and set a $385.00 price objective on shares of Cadence Design Systems in a research note 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 target price for the company in a report on Monday, December 1st. Thirteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $379.59.

Insider Activity

In other Cadence Design Systems news, CFO John M. Wall sold 27,805 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $318.57, for a total transaction of $8,857,838.85. Following the transaction, the chief financial officer owned 69,957 shares in the company, valued at approximately $22,286,201.49. This represents a 28.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Scannell sold 5,490 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $339.43, for a total value of $1,863,470.70. Following the sale, the vice president owned 20,321 shares in the company, valued at $6,897,557.03. This represents a 21.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 62,025 shares of company stock worth $20,369,946. Company insiders own 0.37% of the company’s stock.

Cadence Design Systems Profile

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.