Mackenzie Financial Corp Acquires 1,761 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mackenzie Financial Corp increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 93,207 shares of the software maker’s stock after buying an additional 1,761 shares during the quarter. Mackenzie Financial Corp’s holdings in Cadence Design Systems were worth $25,387,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Highview Capital Management LLC DE increased its stake in shares of Cadence Design Systems by 0.8% in the fourth quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock worth $1,411,000 after buying an additional 39 shares during the period. BSW Wealth Partners increased its stake in shares of Cadence Design Systems by 2.8% in the fourth quarter. BSW Wealth Partners now owns 1,624 shares of the software maker’s stock worth $442,000 after buying an additional 44 shares during the period. Lindbrook Capital LLC increased its stake in shares of Cadence Design Systems by 2.5% in the third quarter. Lindbrook Capital LLC now owns 1,844 shares of the software maker’s stock worth $432,000 after buying an additional 45 shares during the period. Savant Capital LLC increased its stake in shares of Cadence Design Systems by 2.7% in the third quarter. Savant Capital LLC now owns 1,733 shares of the software maker’s stock worth $406,000 after buying an additional 45 shares during the period. Finally, Advisors Asset Management Inc. increased its stake in shares of Cadence Design Systems by 9.0% in the third quarter. Advisors Asset Management Inc. now owns 545 shares of the software maker’s stock worth $128,000 after buying an additional 45 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Down 2.4 %

NASDAQ:CDNS opened at $293.71 on Thursday. The firm’s 50-day moving average price is $306.58 and its 200-day moving average price is $279.35. The company has a market capitalization of $79.96 billion, a PE ratio of 76.89, a P/E/G ratio of 3.66 and a beta of 1.04. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. Cadence Design Systems, Inc. has a 1-year low of $194.01 and a 1-year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.75 EPS. On average, equities analysts predict that Cadence Design Systems, Inc. will post 4.82 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Wells Fargo & Company boosted their price objective 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. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $289.00 to $302.00 and gave the company an “outperform” rating in a research report on Tuesday, February 13th. KeyCorp boosted their price objective on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday. Rosenblatt Securities downgraded shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $265.00 to $280.00 in a research report on Tuesday, February 13th. Finally, Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $316.10.

Insider Buying and Selling

In related news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the company’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $300.00, for a total value of $1,350,000.00. Following the transaction, the director now owns 54,683 shares in the company, valued at approximately $16,404,900. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the company’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $300.00, for a total value of $1,350,000.00. Following the transaction, the director now owns 54,683 shares in the company, valued at approximately $16,404,900. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $310,460.00. Following the completion of the transaction, the vice president now owns 68,144 shares in the company, valued at approximately $21,155,986.24. The disclosure for this sale can be found here. Insiders have sold a total of 177,544 shares of company stock worth $53,581,207 in the last quarter. Corporate insiders own 0.62% of the company’s stock.

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.