Cadence Design Systems, Inc. $CDNS Stock: Kornitzer Capital Management Inc. KS Boosts Position

Kornitzer Capital Management Inc. KS grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 45.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,012 shares of the software maker’s stock after purchasing an additional 2,187 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Cadence Design Systems were worth $2,315,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of CDNS. Assenagon Asset Management S.A. lifted its position in Cadence Design Systems by 1,097.5% in the third quarter. Assenagon Asset Management S.A. now owns 2,818,141 shares of the software maker’s stock valued at $930,522,000 after buying an additional 2,582,812 shares during the last quarter. Legal & General Group Plc acquired a new stake in shares of Cadence Design Systems during the second quarter valued at about $702,615,000. Jupiter Topco LLC acquired a new stake in shares of Cadence Design Systems during the second quarter valued at about $688,746,000. Bank of New York Mellon Corp purchased a new stake in shares of Cadence Design Systems in the 2nd quarter valued at approximately $607,350,000. Finally, Pictet Asset Management Holding SA raised its stake in shares of Cadence Design Systems by 118.5% in the 3rd quarter. Pictet Asset Management Holding SA now owns 2,752,620 shares of the software maker’s stock valued at $908,709,000 after acquiring an additional 1,493,024 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CDNS shares. Wall Street Zen cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, November 5th. Mizuho set a $400.00 target price on Cadence Design Systems in a research report on Tuesday, October 27th. FBN Securities began coverage on Cadence Design Systems in a research note on Friday, September 11th. They set an “outperform” rating and a $375.00 price target on the stock. Bank of America raised their price target on Cadence Design Systems from $400.00 to $420.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Finally, JPMorgan Chase & Co. lifted their price objective on Cadence Design Systems from $405.00 to $420.00 and gave the company an “overweight” rating in a research note on Tuesday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $410.05.

Cadence Design Systems Trading Up 5.2%

CDNS opened at $336.53 on Tuesday. The business has a fifty day moving average price of $319.75 and a 200 day moving average price of $327.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.18. Cadence Design Systems, Inc. has a 12 month low of $262.75 and a 12 month high of $416.69. The stock has a market capitalization of $92.34 billion, a price-to-earnings ratio of 52.81, a PEG ratio of 3.12 and a beta of 1.10.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 26th. The software maker reported $2.11 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.06. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. Cadence Design Systems had a net margin of 22.51% and a return on equity of 26.56%. The company’s revenue was up 22.0% on a year-over-year basis. During the same period last year, the business earned $1.93 EPS. Sell-side analysts expect that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Paul Scannell sold 280 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $339.00, for a total transaction of $94,920.00. Following the sale, the vice president owned 31,720 shares of the company’s stock, valued at approximately $10,753,080. This trade represents a 0.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $285.51, for a total value of $51,391.80. Following the sale, the director owned 7,824 shares of the company’s stock, valued at approximately $2,233,830.24. The trade was a 2.25% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 8,960 shares of company stock valued at $2,834,139. 0.49% of the stock is owned by insiders.

Cadence Design Systems Profile

Cadence Design Systems, Inc develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards.

The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.