Cadence Design Systems, Inc. $CDNS Shares Purchased by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 131.2% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 4,520 shares of the software maker’s stock after purchasing an additional 2,565 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Cadence Design Systems were worth $1,588,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Tiemann Investment Advisors LLC grew its stake in shares of Cadence Design Systems by 2.9% in the second quarter. Tiemann Investment Advisors LLC now owns 1,050 shares of the software maker’s stock valued at $324,000 after buying an additional 30 shares in the last quarter. Occidental Asset Management LLC lifted its stake in Cadence Design Systems by 2.3% during the 3rd quarter. Occidental Asset Management LLC now owns 1,321 shares of the software maker’s stock worth $464,000 after acquiring an additional 30 shares in the last quarter. Petros Family Wealth LLC boosted its holdings in Cadence Design Systems by 2.6% during the 2nd quarter. Petros Family Wealth LLC now owns 1,277 shares of the software maker’s stock valued at $394,000 after acquiring an additional 32 shares during the period. Hemington Wealth Management grew its position in Cadence Design Systems by 14.0% in the 2nd quarter. Hemington Wealth Management now owns 261 shares of the software maker’s stock valued at $80,000 after acquiring an additional 32 shares in the last quarter. Finally, Cornerstone Wealth Group LLC increased its stake in Cadence Design Systems by 4.3% during the third quarter. Cornerstone Wealth Group LLC now owns 777 shares of the software maker’s stock worth $273,000 after purchasing an additional 32 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the subject of several recent research reports. Robert W. Baird raised their price objective on shares of Cadence Design Systems from $390.00 to $418.00 and gave the company an “outperform” rating in a research note on Tuesday, October 28th. Rosenblatt Securities increased their target price on shares of Cadence Design Systems from $320.00 to $335.00 and gave the stock a “neutral” rating in a report on Tuesday, October 28th. Needham & Company LLC restated a “buy” rating and issued a $390.00 price target on shares of Cadence Design Systems in a research note on Monday, December 22nd. Citigroup began coverage on Cadence Design Systems in a research note on Monday, November 24th. They issued a “buy” rating and a $385.00 price objective on the stock. Finally, JPMorgan Chase & Co. lifted their target price on Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Thirteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus price target of $379.59.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $296.36 on Friday. The stock has a market cap of $80.67 billion, a P/E ratio of 76.38, a price-to-earnings-growth ratio of 3.38 and a beta of 1.02. The company has a fifty day simple moving average of $317.89 and a 200-day simple moving average of $332.92. 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.

Insider Buying and Selling

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $337.48, for a total transaction of $60,746.40. Following the completion of the sale, the director directly owned 7,650 shares of the company’s stock, valued at $2,581,722. The trade was a 2.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $315.70, for a total value of $315,700.00. Following the transaction, the vice president directly owned 96,067 shares of the company’s stock, valued at approximately $30,328,351.90. This represents a 1.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 62,025 shares of company stock valued at $20,369,946 over the last 90 days. 1.99% of the stock is currently 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.