EFG Asset Management North America Corp. Has $5.68 Million Stock Position in Cadence Design Systems, Inc. $CDNS

EFG Asset Management North America Corp. lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 22.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,172 shares of the software maker’s stock after purchasing an additional 2,949 shares during the quarter. EFG Asset Management North America Corp.’s holdings in Cadence Design Systems were worth $5,682,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of CDNS. Brighton Jones LLC boosted its stake in Cadence Design Systems by 80.2% during the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker’s stock worth $456,000 after buying an additional 676 shares in the last quarter. Integrated Wealth Concepts LLC lifted its holdings in shares of Cadence Design Systems by 3.8% during the 1st quarter. Integrated Wealth Concepts LLC now owns 2,203 shares of the software maker’s stock worth $560,000 after acquiring an additional 80 shares during the period. Patton Fund Management Inc. bought a new position in shares of Cadence Design Systems during the 2nd quarter worth about $234,000. KG&L Capital Management LLC acquired a new stake in shares of Cadence Design Systems during the 2nd quarter valued at about $314,000. Finally, Genesis Private Wealth LLC bought a new stake in Cadence Design Systems in the second quarter valued at about $205,000. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $322.02 on Tuesday. The business has a fifty day moving average of $317.39 and a 200-day moving average of $333.38. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.84 and a current ratio of 3.05. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $376.45. The firm has a market cap of $87.65 billion, a PE ratio of 83.00, a price-to-earnings-growth ratio of 3.55 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 27th. The software maker reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.14. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.13%. The business had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the prior year, the company earned $1.64 EPS. The firm’s quarterly revenue was up 10.1% on a year-over-year basis. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO John M. Wall sold 27,805 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $318.57, for a total value of $8,857,838.85. Following the completion of the transaction, the chief financial officer owned 69,957 shares in the company, valued at $22,286,201.49. The trade was a 28.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $337.48, for a total value of $60,746.40. Following the transaction, the director directly owned 7,650 shares in the company, valued at approximately $2,581,722. This represents a 2.30% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 62,025 shares of company stock valued at $20,369,946. Insiders own 0.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on CDNS shares. Robert W. Baird raised their price target on shares of Cadence Design Systems from $390.00 to $418.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 28th. JPMorgan Chase & Co. raised their target price on Cadence Design Systems from $390.00 to $405.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. BNP Paribas Exane initiated coverage on Cadence Design Systems in a research note on Thursday, October 2nd. They issued an “outperform” rating and a $400.00 price target on the stock. Oppenheimer upgraded Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price objective for the company in a research note on Monday, December 1st. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Cadence Design Systems in a report on Monday, December 29th. Thirteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and an average price target of $379.59.

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.