B. Metzler seel. Sohn & Co. Holding AG Makes New Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 27,320 shares of the software maker’s stock, valued at approximately $7,405,000.

Other hedge funds have also made changes to their positions in the company. Van ECK Associates Corp boosted its stake in Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after buying an additional 572,251 shares during the last quarter. Legal & General Group Plc increased its position in Cadence Design Systems by 1.8% during the second quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker’s stock worth $772,187,000 after purchasing an additional 43,654 shares during the last quarter. Principal Financial Group Inc. raised its stake in Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after purchasing an additional 501,833 shares during the period. Swedbank AB boosted its holdings in shares of Cadence Design Systems by 15.1% in the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after purchasing an additional 230,672 shares during the last quarter. Finally, Impax Asset Management Group plc grew its stake in shares of Cadence Design Systems by 20.9% during the 3rd quarter. Impax Asset Management Group plc now owns 1,374,531 shares of the software maker’s stock valued at $371,719,000 after buying an additional 237,495 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 1.8 %

CDNS stock opened at $299.63 on Wednesday. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm has a 50 day simple moving average of $276.20 and a 200-day simple moving average of $283.13. The company has a market capitalization of $82.18 billion, a P/E ratio of 78.64, a PEG ratio of 3.93 and a beta of 1.02. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.20. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period last year, the business earned $1.01 EPS. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CDNS. Needham & Company LLC reduced their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Mizuho initiated coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 target price for the company. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Loop Capital assumed coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 price objective for the company. Finally, Oppenheimer began coverage on Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average price target of $326.00.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the completion of the transaction, the vice president now owns 64,544 shares of the company’s stock, valued at $17,226,148.16. The trade was a 1.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the transaction, the chief financial officer now owns 38,654 shares in the company, valued at approximately $10,278,485.14. The trade was a 20.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,634 shares of company stock valued at $4,217,635 over the last three months. 0.62% of the stock is owned by insiders.

About Cadence Design Systems

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.