Desjardins Global Asset Management Inc. Has $2.65 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Desjardins Global Asset Management Inc. lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,731 shares of the software maker’s stock after selling 737 shares during the quarter. Desjardins Global Asset Management Inc.’s holdings in Cadence Design Systems were worth $2,650,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. OFI Invest Asset Management bought a new position in shares of Cadence Design Systems in the third quarter valued at about $26,000. Valley National Advisers Inc. raised its position in shares of Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after purchasing an additional 47 shares during the period. Fortitude Family Office LLC bought a new position in shares of Cadence Design Systems in the fourth quarter valued at about $28,000. Atlas Capital Advisors LLC raised its position in shares of Cadence Design Systems by 322.6% in the second quarter. Atlas Capital Advisors LLC now owns 131 shares of the software maker’s stock valued at $31,000 after purchasing an additional 100 shares during the period. Finally, Zions Bancorporation N.A. raised its position in shares of Cadence Design Systems by 108.3% in the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after purchasing an additional 117 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on CDNS shares. Wells Fargo & Company raised their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Wednesday, March 6th. Robert W. Baird increased their price objective on shares of Cadence Design Systems from $289.00 to $302.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 13th. Stifel Nicolaus increased their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Finally, StockNews.com upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, March 12th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $316.10.

Cadence Design Systems Price Performance

Shares of CDNS traded up $0.11 during mid-day trading on Tuesday, reaching $301.67. The company had a trading volume of 1,062,692 shares, compared to its average volume of 1,471,600. The company’s 50 day simple moving average is $306.57 and its 200 day simple moving average is $278.78. Cadence Design Systems, Inc. has a 1-year low of $194.01 and a 1-year high of $327.36. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. The company has a market capitalization of $82.13 billion, a price-to-earnings ratio of 78.94, a P/E/G ratio of 3.72 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same period last year, the company posted $0.75 EPS. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. Analysts expect that Cadence Design Systems, Inc. will post 4.82 EPS for the current year.

Insider Buying and Selling

In related news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the sale, the senior vice president now directly owns 21,080 shares in the company, valued at approximately $6,544,496.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the transaction, the senior vice president now owns 21,080 shares in the company, valued at approximately $6,544,496.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO John M. Wall sold 36,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 18th. The stock was sold at an average price of $277.46, for a total transaction of $9,988,560.00. Following the transaction, the chief financial officer now owns 80,594 shares of the company’s stock, valued at approximately $22,361,611.24. The disclosure for this sale can be found here. Insiders have sold a total of 212,044 shares of company stock worth $63,106,522 in the last ninety days. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Company 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.