Bank of Montreal Can Lowers Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bank of Montreal Can trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 441,113 shares of the software maker’s stock after selling 37,356 shares during the quarter. Bank of Montreal Can’s holdings in Cadence Design Systems were worth $120,922,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Private Trust Co. NA boosted its holdings in Cadence Design Systems by 16.2% during the third quarter. Private Trust Co. NA now owns 733 shares of the software maker’s stock worth $199,000 after purchasing an additional 102 shares during the last quarter. Brown Brothers Harriman & Co. grew its holdings in shares of Cadence Design Systems by 7,965.4% in the third quarter. Brown Brothers Harriman & Co. now owns 230,349 shares of the software maker’s stock valued at $62,431,000 after acquiring an additional 227,493 shares in the last quarter. DRW Securities LLC increased its position in shares of Cadence Design Systems by 113.5% during the third quarter. DRW Securities LLC now owns 6,411 shares of the software maker’s stock valued at $1,738,000 after acquiring an additional 3,408 shares during the last quarter. Harvest Fund Management Co. Ltd boosted its position in Cadence Design Systems by 10.4% in the third quarter. Harvest Fund Management Co. Ltd now owns 13,292 shares of the software maker’s stock worth $3,602,000 after purchasing an additional 1,251 shares during the last quarter. Finally, Bank of Hawaii grew its stake in Cadence Design Systems by 9.9% in the 3rd quarter. Bank of Hawaii now owns 4,321 shares of the software maker’s stock valued at $1,171,000 after purchasing an additional 389 shares during the period. Institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Needham & Company LLC cut their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Wells Fargo & Company began coverage on Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target for the company. Mizuho initiated coverage on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 target price for the company. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research report on Tuesday, August 6th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $413,970.00. Following the completion of the sale, the director now directly owns 43,551 shares in the company, valued at approximately $12,019,204.98. This trade represents a 3.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the completion of the transaction, the vice president now owns 61,111 shares in the company, valued at approximately $16,866,636. This represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,634 shares of company stock valued at $1,558,535 in the last three months. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $310.10 on Wednesday. The company has a 50-day simple moving average of $280.07 and a two-hundred day simple moving average of $283.98. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The firm has a market cap of $85.05 billion, a price-to-earnings ratio of 81.39, a PEG ratio of 4.23 and a beta of 1.02. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the previous year, the business earned $1.01 EPS. Cadence Design Systems’s revenue was up 18.8% compared to the same quarter last year. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current 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.