GF Fund Management CO. LTD. Makes New Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

GF Fund Management CO. LTD. bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 87,418 shares of the software maker’s stock, valued at approximately $26,266,000.

A number of other institutional investors have also recently added to or reduced their stakes in CDNS. Koshinski Asset Management Inc. acquired a new stake in Cadence Design Systems in the fourth quarter worth approximately $202,000. Atomi Financial Group Inc. lifted its position in Cadence Design Systems by 65.5% in the fourth quarter. Atomi Financial Group Inc. now owns 1,731 shares of the software maker’s stock worth $520,000 after purchasing an additional 685 shares during the period. Simon Quick Advisors LLC lifted its position in Cadence Design Systems by 11.9% in the fourth quarter. Simon Quick Advisors LLC now owns 1,234 shares of the software maker’s stock worth $371,000 after purchasing an additional 131 shares during the period. Advisory Alpha LLC acquired a new stake in Cadence Design Systems in the fourth quarter worth approximately $254,000. Finally, Janney Montgomery Scott LLC increased its holdings in shares of Cadence Design Systems by 7.7% in the fourth quarter. Janney Montgomery Scott LLC now owns 88,908 shares of the software maker’s stock valued at $26,713,000 after buying an additional 6,364 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the transaction, the vice president now directly owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. This represents a 1.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total transaction of $49,500.00. Following the completion of the transaction, the director now directly owns 7,411 shares in the company, valued at $2,038,025. This trade represents a 2.37% 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 in the last three months. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $315.51 on Friday. The company’s fifty day moving average is $279.22 and its two-hundred day moving average is $287.66. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $328.99. The company has a market cap of $86.15 billion, a P/E ratio of 81.74, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04.

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on CDNS. Needham & Company LLC reaffirmed a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a report on Tuesday, May 13th. KeyCorp upped their price target on Cadence Design Systems from $355.00 to $375.00 and gave the company an “overweight” rating in a report on Thursday, May 15th. Piper Sandler upped their price target on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Wall Street Zen cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and upped their price target for the company from $300.00 to $325.00 in a report on Thursday, April 24th. One equities 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average 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.