Phoenix Financial Ltd. Increases Stock Holdings in Cadence Design Systems, Inc. $CDNS

Phoenix Financial Ltd. increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 50.3% in the 3rd quarter, Holdings Channel.com reports. The fund owned 9,978 shares of the software maker’s stock after acquiring an additional 3,340 shares during the quarter. Phoenix Financial Ltd.’s holdings in Cadence Design Systems were worth $3,505,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in CDNS. Barrett & Company Inc. acquired a new stake in shares of Cadence Design Systems in the second quarter valued at about $31,000. Strategic Wealth Investment Group LLC acquired a new position in shares of Cadence Design Systems during the 2nd quarter worth about $32,000. Promus Capital LLC purchased a new position in Cadence Design Systems in the 2nd quarter valued at about $33,000. Robbins Farley acquired a new stake in Cadence Design Systems in the 3rd quarter worth about $35,000. Finally, E Fund Management Hong Kong Co. Ltd. boosted its holdings in Cadence Design Systems by 41.1% in the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 127 shares of the software maker’s stock worth $39,000 after buying an additional 37 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on CDNS shares. Rosenblatt Securities increased their target price on Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a report on Tuesday, October 28th. Needham & Company LLC reissued a “buy” rating and issued a $390.00 price objective on shares of Cadence Design Systems in a research note on Monday, December 22nd. Citigroup began coverage on shares of Cadence Design Systems in a research note on Monday, November 24th. They set a “buy” rating and a $385.00 target price on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cadence Design Systems in a report on Monday, December 29th. Finally, BNP Paribas Exane initiated coverage on shares of 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. Thirteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $379.59.

Cadence Design Systems Trading Down 1.1%

Shares of CDNS stock opened at $318.37 on Wednesday. The company has a current ratio of 3.05, a quick ratio of 2.84 and a debt-to-equity ratio of 0.48. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $376.45. The company’s 50-day moving average price is $317.69 and its 200-day moving average price is $333.37. The stock has a market cap of $86.66 billion, a price-to-earnings ratio of 82.05, a PEG ratio of 3.59 and a beta of 1.02.

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

Insider Activity

In related news, VP Paul Scannell sold 5,490 shares of the business’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $339.43, for a total value of $1,863,470.70. Following the sale, the vice president directly owned 20,321 shares in the company, valued at approximately $6,897,557.03. The trade was a 21.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Anirudh Devgan sold 20,000 shares of the stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $340.00, for a total transaction of $6,800,000.00. Following the transaction, the chief executive officer directly owned 195,844 shares of the company’s stock, valued at approximately $66,586,960. This trade represents a 9.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 62,025 shares of company stock worth $20,369,946. 0.37% of the stock is currently owned by corporate insiders.

Cadence Design Systems Company Profile

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.