247,081 Shares in Cadence Design Systems, Inc. $CDNS Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 247,081 shares of the software maker’s stock, valued at approximately $81,582,000.

Other institutional investors have also modified their holdings of the company. ProShare Advisors LLC boosted its holdings in Cadence Design Systems by 6.0% in the third quarter. ProShare Advisors LLC now owns 325,627 shares of the software maker’s stock valued at $107,517,000 after purchasing an additional 18,452 shares during the period. Summit Global Investments grew its stake in Cadence Design Systems by 57.6% during the 3rd quarter. Summit Global Investments now owns 3,611 shares of the software maker’s stock worth $1,192,000 after purchasing an additional 1,320 shares in the last quarter. MGO One Seven LLC increased its holdings in Cadence Design Systems by 6.6% during the 3rd quarter. MGO One Seven LLC now owns 20,489 shares of the software maker’s stock worth $6,765,000 after purchasing an additional 1,274 shares during the period. State of Wyoming purchased a new stake in Cadence Design Systems during the 3rd quarter worth about $274,000. Finally, Petros Family Wealth LLC raised its position in Cadence Design Systems by 21.2% in the 3rd quarter. Petros Family Wealth LLC now owns 1,246 shares of the software maker’s stock valued at $411,000 after purchasing an additional 218 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Trading Down 4.3%

CDNS opened at $327.89 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.53 and a current ratio of 1.36. Cadence Design Systems, Inc. has a one year low of $262.75 and a one year high of $416.69. The company has a market cap of $89.97 billion, a P/E ratio of 65.19, a PEG ratio of 3.11 and a beta of 1.13. The business’s 50-day simple moving average is $320.53 and its 200-day simple moving average is $327.27.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.06. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The firm’s revenue was up 22.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.93 earnings per share. As a group, equities research analysts expect that Cadence Design Systems, Inc. will post 6.71 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other news, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $350.07, for a total transaction of $437,587.50. Following the completion of the sale, the director owned 39,544 shares in the company, valued at approximately $13,843,168.08. The trade was a 3.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 Thursday, October 15th. The shares were sold at an average price of $324.13, for a total transaction of $648,260.00. Following the completion of the transaction, the vice president owned 119,612 shares of the company’s stock, valued at approximately $38,769,837.56. The trade was a 1.64% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 8,960 shares of company stock worth $2,834,139 in the last ninety days. Company insiders own 0.49% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CDNS shares. Needham & Company LLC lifted their price objective on Cadence Design Systems from $400.00 to $430.00 and gave the company a “buy” rating in a research note on Tuesday, October 27th. Rosenblatt Securities restated a “buy” rating and set a $420.00 target price on shares of Cadence Design Systems in a research note on Friday, October 23rd. Mizuho set a $400.00 target price on shares of Cadence Design Systems in a report on Tuesday. Bank of America lifted their price target on shares of Cadence Design Systems from $400.00 to $420.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Finally, Rothschild & Co Redburn boosted their price target on shares of Cadence Design Systems from $385.00 to $395.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $410.05.

Cadence Design Systems Profile

Cadence Design Systems, Inc develops computational software, hardware, and semiconductor intellectual property used to design and verify electronic systems and integrated circuits. Its electronic design automation (EDA) solutions support chip development across areas such as digital and custom IC design, functional verification, emulation, prototyping, and system analysis.

The company also provides semiconductor IP, including processor cores, interconnect technologies, memory interfaces, and other building blocks that help customers develop complex chips.