Cadence Design Systems, Inc. $CDNS Stock: Kornitzer Capital Management Inc. KS Grows Holdings

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

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Pictet Asset Management Holding SA grew its stake in Cadence Design Systems by 118.5% during the 3rd quarter. Pictet Asset Management Holding SA now owns 2,752,620 shares of the software maker’s stock worth $908,709,000 after buying an additional 1,493,024 shares during the last quarter. Leelyn Smith LLC lifted its stake in Cadence Design Systems by 10.8% in the third quarter. Leelyn Smith LLC now owns 6,160 shares of the software maker’s stock valued at $2,034,000 after buying an additional 600 shares during the last quarter. Guidance Capital Inc. boosted its holdings in shares of Cadence Design Systems by 2.2% in the third quarter. Guidance Capital Inc. now owns 4,068 shares of the software maker’s stock valued at $1,340,000 after acquiring an additional 86 shares during the period. Tamar Securities LLC boosted its holdings in shares of Cadence Design Systems by 12.5% in the third quarter. Tamar Securities LLC now owns 66,595 shares of the software maker’s stock valued at $21,989,000 after acquiring an additional 7,379 shares during the period. Finally, Alps Advisors Inc. grew its position in shares of Cadence Design Systems by 19.1% during the third quarter. Alps Advisors Inc. now owns 5,343 shares of the software maker’s stock worth $1,764,000 after acquiring an additional 856 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insiders Place Their Bets

In other news, Director Ita M. Brennan sold 180 shares of the stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $285.51, for a total transaction of $51,391.80. Following the completion of the transaction, the director directly owned 7,824 shares of the company’s stock, valued at approximately $2,233,830.24. This represents a 2.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Cunningham sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $324.13, for a total value of $648,260.00. Following the completion of the sale, the vice president directly owned 119,612 shares of the company’s stock, valued at $38,769,837.56. This represents a 1.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 8,960 shares of company stock worth $2,834,139 over the last quarter. 0.49% of the stock is owned by company insiders.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $336.53 on Tuesday. The stock has a market capitalization of $92.34 billion, a P/E ratio of 52.81, a P/E/G ratio of 3.12 and a beta of 1.10. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.18 and a current ratio of 1.36. Cadence Design Systems, Inc. has a 1 year low of $262.75 and a 1 year high of $416.69. The company’s fifty day moving average is $319.75 and its two-hundred day moving average is $327.55.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.06. Cadence Design Systems had a net margin of 22.51% and a return on equity of 26.56%. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the previous year, the firm earned $1.93 earnings per share. The business’s quarterly revenue was up 22.0% compared to the same quarter last year. On average, sell-side analysts predict that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current year.

Analysts Set New Price Targets

CDNS has been the topic of a number of recent research reports. Oppenheimer reaffirmed a “market perform” rating and issued a $300.00 target price (up from $275.00) on shares of Cadence Design Systems in a report on Tuesday, July 28th. Piper Sandler increased their price target on shares of Cadence Design Systems from $325.00 to $349.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 28th. FBN Securities began coverage on shares of Cadence Design Systems in a research note on Friday, September 11th. They set an “outperform” rating and a $375.00 price target for the company. Rosenblatt Securities reissued a “buy” rating and set a $420.00 price objective on shares of Cadence Design Systems in a research report on Friday, October 23rd. Finally, Benchmark restated a “buy” rating on shares of Cadence Design Systems in a research note on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold 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 price target of $410.05.

About Cadence Design Systems

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.