Intact Investment Management Inc. Purchases Shares of 5,600 Cadence Design Systems (CDNS)

Intact Investment Management Inc. purchased a new position in shares of Cadence Design Systems (NASDAQ:CDNS) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 5,600 shares of the software maker’s stock, valued at approximately $206,000.

Several other large investors also recently bought and sold shares of the company. Riverhead Capital Management LLC grew its stake in shares of Cadence Design Systems by 8.7% during the 1st quarter. Riverhead Capital Management LLC now owns 125,858 shares of the software maker’s stock worth $4,628,000 after purchasing an additional 10,079 shares during the period. Neuburgh Advisers LLC grew its stake in shares of Cadence Design Systems by 8.6% during the 1st quarter. Neuburgh Advisers LLC now owns 114,592 shares of the software maker’s stock worth $4,213,000 after purchasing an additional 9,104 shares during the period. Thompson Siegel & Walmsley LLC grew its stake in shares of Cadence Design Systems by 114.8% during the 1st quarter. Thompson Siegel & Walmsley LLC now owns 5,800 shares of the software maker’s stock worth $213,000 after purchasing an additional 3,100 shares during the period. Stevens Capital Management LP acquired a new position in shares of Cadence Design Systems during the 1st quarter worth $7,358,000. Finally, O Shaughnessy Asset Management LLC grew its stake in shares of Cadence Design Systems by 13.8% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 1,718,835 shares of the software maker’s stock worth $63,202,000 after purchasing an additional 208,462 shares during the period. 88.34% of the stock is currently owned by institutional investors and hedge funds.

In other Cadence Design Systems news, CFO John M. Wall sold 750 shares of the firm’s stock in a transaction dated Monday, April 9th. The shares were sold at an average price of $36.16, for a total transaction of $27,120.00. Following the sale, the chief financial officer now directly owns 124,458 shares of the company’s stock, valued at approximately $4,500,401.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Aneel Zaman sold 43,733 shares of the firm’s stock in a transaction dated Friday, April 27th. The stock was sold at an average price of $40.02, for a total transaction of $1,750,194.66. The disclosure for this sale can be found here. Over the last three months, insiders sold 126,097 shares of company stock worth $4,976,836. 2.55% of the stock is owned by corporate insiders.

CDNS has been the topic of a number of recent analyst reports. BidaskClub cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Friday, January 19th. Credit Suisse Group reissued a “neutral” rating and issued a $43.00 price objective (up from $37.00) on shares of Cadence Design Systems in a research note on Thursday, February 1st. Zacks Investment Research cut shares of Cadence Design Systems from a “hold” rating to a “strong sell” rating in a research note on Monday, February 5th. ValuEngine raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Finally, DA Davidson raised shares of Cadence Design Systems from a “neutral” rating to a “buy” rating in a research note on Thursday, April 5th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $43.71.

Shares of Cadence Design Systems opened at $41.80 on Friday, according to MarketBeat Ratings. The stock has a market capitalization of $11.70 billion, a P/E ratio of 38.09, a price-to-earnings-growth ratio of 3.63 and a beta of 1.13. Cadence Design Systems has a 52 week low of $32.38 and a 52 week high of $46.00. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.20 and a current ratio of 1.24.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 23rd. The software maker reported $0.40 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.03. The firm had revenue of $517.00 million for the quarter, compared to analysts’ expectations of $505.33 million. Cadence Design Systems had a net margin of 10.52% and a return on equity of 29.43%. The firm’s revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.32 EPS. equities research analysts expect that Cadence Design Systems will post 0.95 earnings per share for the current year.

Cadence Design Systems Profile

Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis 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 simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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