Candriam S.C.A. Purchases 23,256 Shares of Cadence Design Systems, Inc. $CDNS

Candriam S.C.A. raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.0% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 256,889 shares of the software maker’s stock after purchasing an additional 23,256 shares during the quarter. Candriam S.C.A. owned 0.09% of Cadence Design Systems worth $90,235,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Strategic Wealth Investment Group LLC purchased a new stake in Cadence Design Systems during the 2nd quarter valued at $32,000. Promus Capital LLC purchased a new stake in shares of Cadence Design Systems during the second quarter valued at $33,000. Robbins Farley bought a new stake in Cadence Design Systems in the 3rd quarter worth about $35,000. Cloud Capital Management LLC purchased a new position in Cadence Design Systems in the 3rd quarter worth about $35,000. Finally, Heartwood Wealth Advisors LLC bought a new position in Cadence Design Systems during the 3rd quarter valued at about $39,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Robert W. Baird lifted 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. Rosenblatt Securities raised their target price on shares of Cadence Design Systems from $320.00 to $335.00 and gave the stock a “neutral” rating in a report on Tuesday, October 28th. Wells Fargo & Company lifted their target price on shares of Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. KeyCorp reiterated an “overweight” rating and set a $405.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Cadence Design Systems in a research note on Monday, December 29th. Thirteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $379.59.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $295.09, for a total transaction of $295,090.00. Following the transaction, the vice president directly owned 95,137 shares in the company, valued at approximately $28,073,977.33. The trade was a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Wall sold 27,805 shares of the business’s 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 sale, the chief financial officer directly owned 69,957 shares of the company’s stock, valued at $22,286,201.49. This represents a 28.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 56,475 shares of company stock worth $18,505,486 in the last quarter. Company insiders own 0.37% of the company’s stock.

Cadence Design Systems Stock Up 4.9%

CDNS opened at $283.44 on Monday. The firm’s 50 day simple moving average is $314.89 and its two-hundred day simple moving average is $331.63. The company has a market capitalization of $77.15 billion, a PE ratio of 73.05, a PEG ratio of 3.15 and a beta of 1.01. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $376.45. 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 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.