Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by LGT Fund Management Co Ltd.

LGT Fund Management Co Ltd. boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 40.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,500 shares of the software maker’s stock after purchasing an additional 1,000 shares during the quarter. LGT Fund Management Co Ltd.’s holdings in Cadence Design Systems were worth $890,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in CDNS. Brighton Jones LLC raised its stake in Cadence Design Systems by 80.2% in the 4th quarter. Brighton Jones LLC now owns 1,519 shares of the software maker’s stock valued at $456,000 after purchasing an additional 676 shares during the last quarter. Highview Capital Management LLC DE raised its stake in Cadence Design Systems by 2.7% in the 4th quarter. Highview Capital Management LLC DE now owns 6,304 shares of the software maker’s stock valued at $1,894,000 after purchasing an additional 163 shares during the last quarter. Townsquare Capital LLC raised its stake in Cadence Design Systems by 8.7% in the 4th quarter. Townsquare Capital LLC now owns 5,068 shares of the software maker’s stock valued at $1,523,000 after purchasing an additional 404 shares during the last quarter. Sagespring Wealth Partners LLC acquired a new position in Cadence Design Systems in the 4th quarter valued at about $642,000. Finally, Synovus Financial Corp raised its stake in Cadence Design Systems by 4.0% in the 4th quarter. Synovus Financial Corp now owns 2,965 shares of the software maker’s stock valued at $891,000 after purchasing an additional 114 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CDNS. The Goldman Sachs Group began coverage on shares of Cadence Design Systems in a research note on Thursday, July 10th. They set a “buy” rating and a $380.00 price objective for the company. Needham & Company LLC upped their price objective on shares of Cadence Design Systems from $325.00 to $390.00 and gave the company a “buy” rating in a research note on Tuesday, July 29th. Stifel Nicolaus upped their price objective on shares of Cadence Design Systems from $350.00 to $395.00 and gave the company a “buy” rating in a research note on Tuesday, July 29th. Wells Fargo & Company upped their price objective on shares of Cadence Design Systems from $365.00 to $405.00 and gave the company an “overweight” rating in a research note on Tuesday, July 29th. Finally, Mizuho upped their price objective on shares of Cadence Design Systems from $360.00 to $375.00 and gave the company an “outperform” rating in a research note on Tuesday, July 29th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $364.33.

Insiders Place Their Bets

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the transaction, the director owned 8,010 shares in the company, valued at $2,435,040. This represents a 2.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $358.72, for a total value of $358,720.00. Following the completion of the transaction, the vice president owned 104,499 shares of the company’s stock, valued at approximately $37,485,881.28. This represents a 0.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,698 shares of company stock worth $1,485,387 in the last 90 days. 0.37% of the stock is owned by company insiders.

Cadence Design Systems Stock Up 1.3%

Shares of NASDAQ:CDNS opened at $353.61 on Wednesday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.67 and a current ratio of 2.82. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $376.45. The stock has a market capitalization of $96.36 billion, a P/E ratio of 95.57, a PEG ratio of 4.58 and a beta of 0.97. The stock has a 50-day simple moving average of $321.68 and a 200-day simple moving average of $292.87.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.09. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the previous year, the business earned $1.28 EPS. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. Equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Cadence Design Systems Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.