Mirae Asset Global Investments Co. Ltd. Purchases 21,745 Shares of Cadence Design Systems, Inc. $CDNS

Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 15.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 164,739 shares of the software maker’s stock after acquiring an additional 21,745 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.06% of Cadence Design Systems worth $57,866,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Tiemann Investment Advisors LLC lifted its stake in Cadence Design Systems by 2.9% in the 2nd quarter. Tiemann Investment Advisors LLC now owns 1,050 shares of the software maker’s stock valued at $324,000 after purchasing an additional 30 shares during the last quarter. Occidental Asset Management LLC increased its stake in shares of Cadence Design Systems by 2.3% in the 3rd quarter. Occidental Asset Management LLC now owns 1,321 shares of the software maker’s stock valued at $464,000 after purchasing an additional 30 shares during the last quarter. Whittier Trust Co. lifted its holdings in shares of Cadence Design Systems by 0.4% in the third quarter. Whittier Trust Co. now owns 7,072 shares of the software maker’s stock worth $2,456,000 after acquiring an additional 30 shares during the last quarter. Petros Family Wealth LLC lifted its stake in shares of Cadence Design Systems by 2.6% in the 2nd quarter. Petros Family Wealth LLC now owns 1,277 shares of the software maker’s stock valued at $394,000 after acquiring an additional 32 shares during the last quarter. Finally, Hemington Wealth Management increased its stake in shares of Cadence Design Systems by 14.0% in the second quarter. Hemington Wealth Management now owns 261 shares of the software maker’s stock valued at $80,000 after buying an additional 32 shares during the period. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 0.7%

CDNS stock opened at $320.49 on Thursday. The company has a market capitalization of $87.24 billion, a PE ratio of 82.60, a P/E/G ratio of 3.55 and a beta of 1.02. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.84. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $376.45. The firm’s 50-day moving average is $317.96 and its 200 day moving average is $333.28.

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

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Monday, December 1st. The stock was sold at an average price of $312.64, for a total value of $312,640.00. Following the sale, the vice president owned 97,067 shares in the company, valued at $30,347,026.88. The trade was a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John M. Wall sold 27,805 shares of Cadence Design Systems stock in a transaction dated 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 directly owned 69,957 shares of the company’s stock, valued at approximately $22,286,201.49. This represents a 28.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 62,025 shares of company stock worth $20,369,946 in the last ninety days. 0.37% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CDNS has been the subject of several recent analyst reports. Wolfe Research reiterated an “outperform” rating and set a $385.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Citigroup assumed coverage on Cadence Design Systems in a research report on Monday, November 24th. They issued a “buy” rating and a $385.00 price target for the company. Rosenblatt Securities raised their target price on Cadence Design Systems from $320.00 to $335.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 28th. Robert W. Baird lifted their price target on Cadence Design Systems from $390.00 to $418.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 28th. Finally, KeyCorp restated an “overweight” rating and set a $405.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Thirteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus 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.