Van ECK Associates Corp Increases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Van ECK Associates Corp raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 20.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,583,529 shares of the software maker’s stock after buying an additional 265,943 shares during the period. Van ECK Associates Corp owned approximately 0.58% of Cadence Design Systems worth $431,306,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of CDNS. OFI Invest Asset Management purchased a new position in Cadence Design Systems in the third quarter worth approximately $26,000. Valley National Advisers Inc. grew its stake in shares of Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares in the last quarter. Fortitude Family Office LLC purchased a new position in Cadence Design Systems in the fourth quarter valued at $28,000. Rakuten Securities Inc. acquired a new stake in Cadence Design Systems in the fourth quarter valued at $45,000. Finally, Catalyst Capital Advisors LLC lifted its holdings in Cadence Design Systems by 34.7% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock worth $47,000 after buying an additional 52 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Needham & Company LLC reissued a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, April 19th. Wells Fargo & Company boosted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Stifel Nicolaus upped their target price on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Finally, Robert W. Baird lifted their price target on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.11.

Insider Transactions at Cadence Design Systems

In related news, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the transaction, the vice president now directly owns 61,150 shares of the company’s stock, valued at $18,583,485. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Cadence Design Systems news, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the sale, the vice president now owns 61,150 shares of the company’s stock, valued at $18,583,485. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the transaction, the director now owns 53,183 shares of the company’s stock, valued at $15,924,053.86. The disclosure for this sale can be found here. Insiders have sold 173,044 shares of company stock valued at $52,231,207 in the last quarter. 0.62% of the stock is currently owned by corporate insiders.

Cadence Design Systems Price Performance

CDNS stock traded up $0.08 on Monday, reaching $282.49. 1,396,310 shares of the company’s stock were exchanged, compared to its average volume of 1,576,951. The stock has a fifty day moving average of $303.85 and a 200-day moving average of $281.61. The firm has a market cap of $76.87 billion, a PE ratio of 73.54, a P/E/G ratio of 3.32 and a beta of 1.04. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a twelve month low of $198.92 and a twelve month high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. During the same quarter last year, the firm posted $1.02 EPS. The business’s revenue was down 1.2% compared to the same quarter last year. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 4.78 EPS for the current fiscal year.

About Cadence Design Systems

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.