The Manufacturers Life Insurance Company significantly increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 30.5% during the fourth quarter, as revealed in the company’s most recent 13F filing with the Securities & Exchange Commission. The fund now owns 223,290 shares of the software company’s stock, valued at approximately $67,090,000, representing about 0.08% of Cadence Design Systems.
Other institutional investors have also adjusted their positions in Cadence Design Systems. Golden State Wealth Management LLC and Avalon Trust Co established new positions in the company worth about $28,000 and $39,000, respectively. Versant Capital Management Inc increased its stake by 164.2%, now owning 140 shares valued at $42,000. OFI Invest Asset Management and Synergy Investment Management LLC also acquired new stakes worth approximately $46,000 and $50,000, respectively.
Cadence Design Systems’ stock performance has been notable, with a 5.8% increase recently. The stock is currently trading at $302.22, with a 1-year low of $221.56 and a high of $328.99. The company boasts a market capitalization of $82.90 billion and various financial metrics that indicate its stability, including a debt-to-equity ratio of 0.53 and a current ratio of 2.93.
In recent earnings reports, Cadence Design Systems exceeded analyst expectations with $1.57 EPS, compared to the consensus estimate of $1.50. The company’s quarterly revenue was $1.24 billion, matching expectations and representing a 23.1% increase from the same quarter last year.
Analyst ratings for Cadence Design Systems are generally positive, with a Moderate Buy consensus. Several analysts have adjusted their price targets, with JPMorgan Chase & Co. upgrading their rating to ‘overweight’ and increasing their target price to $325.00. The average consensus target price among analysts is $322.54.
