Healthcare of Ontario Pension Plan Trust Fund Sells 4,614 Shares of Cadence Design Systems, Inc. $CDNS

Healthcare of Ontario Pension Plan Trust Fund trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 89,505 shares of the software maker’s stock after selling 4,614 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Cadence Design Systems were worth $24,871,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Cadence Design Systems during the fourth quarter valued at about $28,000. Imprint Wealth LLC acquired a new stake in shares of Cadence Design Systems in the 3rd quarter valued at about $31,000. Whipplewood Advisors LLC grew its stake in shares of Cadence Design Systems by 933.3% in the 1st quarter. Whipplewood Advisors LLC now owns 93 shares of the software maker’s stock valued at $26,000 after buying an additional 84 shares during the period. Swiss RE Ltd. bought a new stake in Cadence Design Systems in the 4th quarter valued at about $29,000. Finally, Brown Lisle Cummings Inc. raised its stake in Cadence Design Systems by 860.0% during the 1st quarter. Brown Lisle Cummings Inc. now owns 96 shares of the software maker’s stock worth $27,000 after buying an additional 86 shares during the period. 84.85% of the stock is owned by institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $387.45, for a total value of $69,741.00. Following the transaction, the director owned 8,004 shares of the company’s stock, valued at approximately $3,101,149.80. The trade was a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Cunningham sold 2,000 shares of the company’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $391.00, for a total value of $782,000.00. Following the completion of the transaction, the vice president owned 126,586 shares of the company’s stock, valued at $49,495,126. This trade represents a 1.56% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 157,057 shares of company stock valued at $60,272,277 in the last ninety days. 0.49% of the stock is owned by corporate insiders.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $326.24 on Monday. Cadence Design Systems, Inc. has a 52 week low of $262.75 and a 52 week high of $416.69. The company’s 50 day moving average price is $373.92 and its two-hundred day moving average price is $329.47. The stock has a market cap of $89.98 billion, a P/E ratio of 76.05, a P/E/G ratio of 3.86 and a beta of 1.15. The company has a quick ratio of 1.32, a current ratio of 1.47 and a debt-to-equity ratio of 0.38.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, April 27th. The software maker reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.91 by $0.05. The company had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.46 billion. Cadence Design Systems had a return on equity of 28.44% and a net margin of 21.18%.Cadence Design Systems’s quarterly revenue was up 18.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.57 earnings per share. On average, equities analysts predict that Cadence Design Systems, Inc. will post 6.23 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have issued reports on CDNS. KeyCorp increased their price target on Cadence Design Systems from $405.00 to $425.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Rosenblatt Securities boosted their price objective on Cadence Design Systems from $375.00 to $410.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Robert W. Baird upped their target price on Cadence Design Systems from $381.00 to $385.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. Benchmark assumed coverage on shares of Cadence Design Systems in a research report on Wednesday, July 15th. They issued a “buy” rating and a $450.00 price target for the company. Finally, Needham & Company LLC reissued a “buy” rating and issued a $400.00 price target on shares of Cadence Design Systems in a research report on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $393.65.

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.