Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Mackenzie Financial Corp

Mackenzie Financial Corp raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.0% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,286,331 shares of the software maker’s stock after acquiring an additional 13,280 shares during the period. Mackenzie Financial Corp owned approximately 0.47% of Cadence Design Systems worth $386,491,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Golden State Wealth Management LLC acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at about $28,000. Ancora Advisors LLC increased its holdings in Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock valued at $36,000 after acquiring an additional 112 shares in the last quarter. Avalon Trust Co purchased a new position in Cadence Design Systems during the 4th quarter valued at about $39,000. OFI Invest Asset Management purchased a new position in Cadence Design Systems during the 4th quarter valued at about $46,000. Finally, Synergy Investment Management LLC purchased a new position in Cadence Design Systems during the 4th quarter valued at about $50,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the transaction, the vice president now directly owns 58,123 shares of the company’s stock, valued at $14,689,425.79. The trade was a 1.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Paul Scannell sold 4,710 shares of the business’s stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the transaction, the vice president now directly owns 28,442 shares in the company, valued at approximately $8,532,600. The trade was a 14.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,445 shares of company stock valued at $5,594,127 over the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $315.51 on Friday. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $328.99. The firm has a 50 day moving average price of $279.22 and a 200 day moving average price of $287.66. The company has a market cap of $86.15 billion, a price-to-earnings ratio of 81.74, a PEG ratio of 3.88 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.07. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Cadence Design Systems’s revenue was up 23.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.17 earnings per share. Sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have weighed in on CDNS shares. Piper Sandler raised their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Loop Capital lowered their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Needham & Company LLC reiterated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a report on Tuesday, May 13th. Oppenheimer lowered their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a report on Wednesday, March 19th. Finally, Rosenblatt Securities lifted their price target on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a “neutral” rating in a report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $325.23.

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.