One Way Holdings LLC reduced its position in Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 81.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,496 shares of the software maker’s stock after selling 63,080 shares during the period. One Way Holdings LLC’s holdings in Cadence Design Systems were worth $4,786,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Van ECK Associates Corp boosted its stake in shares of Cadence Design Systems by 21.8% during the 2nd quarter. Van ECK Associates Corp now owns 4,889,765 shares of the software maker’s stock worth $1,835,227,000 after acquiring an additional 874,392 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Cadence Design Systems by 1.5% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,385,655 shares of the software maker’s stock worth $1,270,704,000 after purchasing an additional 48,937 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in Cadence Design Systems by 1,097.5% during the third quarter. Assenagon Asset Management S.A. now owns 2,818,141 shares of the software maker’s stock worth $930,522,000 after acquiring an additional 2,582,812 shares during the last quarter. Amundi increased its holdings in shares of Cadence Design Systems by 3.8% in the first quarter. Amundi now owns 2,060,334 shares of the software maker’s stock valued at $572,488,000 after purchasing an additional 75,492 shares during the last quarter. Finally, Legal & General Group Plc acquired a new position in shares of Cadence Design Systems during the 2nd quarter valued at about $702,615,000. Institutional investors and hedge funds own 84.85% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts have recently weighed in on the company. Needham & Company LLC increased their price target on Cadence Design Systems from $400.00 to $430.00 and gave the stock a “buy” rating in a report on Tuesday, October 27th. FBN Securities began coverage on Cadence Design Systems in a research report on Friday, September 11th. They set an “outperform” rating and a $375.00 price objective for the company. Rothschild & Co Redburn raised their target price on Cadence Design Systems from $385.00 to $395.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. JPMorgan Chase & Co. raised their price target on Cadence Design Systems from $405.00 to $420.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 27th. Finally, Bank of America upped their target price on shares of Cadence Design Systems from $400.00 to $420.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. One investment 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 company’s stock. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $410.05.
View Our Latest Stock Analysis on Cadence Design Systems
Cadence Design Systems Price Performance
Shares of NASDAQ:CDNS opened at $327.89 on Monday. The company has a quick ratio of 1.18, a current ratio of 1.36 and a debt-to-equity ratio of 0.29. The company has a market cap of $89.97 billion, a P/E ratio of 65.19, a PEG ratio of 3.11 and a beta of 1.10. Cadence Design Systems, Inc. has a 52 week low of $262.75 and a 52 week high of $416.69. The company has a 50-day moving average price of $320.53 and a 200 day moving average price of $327.27.
Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last released its earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.06. The company had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.61 billion. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The firm’s quarterly revenue was up 22.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.93 EPS. Research analysts predict that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current year.
Insider Activity at Cadence Design Systems
In other Cadence Design Systems news, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of the company’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $350.07, for a total value of $437,587.50. Following the sale, the director owned 39,544 shares of the company’s stock, valued at approximately $13,843,168.08. This represents a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 firm’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $285.51, for a total transaction of $51,391.80. Following the transaction, the director owned 7,824 shares of the company’s stock, valued at $2,233,830.24. This trade represents a 2.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 8,960 shares of company stock valued at $2,834,139. Company insiders own 0.49% of the company’s stock.
Cadence Design Systems Profile
Cadence Design Systems, Inc develops computational software, hardware, and semiconductor intellectual property used to design and verify electronic systems and integrated circuits. Its electronic design automation (EDA) solutions support chip development across areas such as digital and custom IC design, functional verification, emulation, prototyping, and system analysis.
The company also provides semiconductor IP, including processor cores, interconnect technologies, memory interfaces, and other building blocks that help customers develop complex chips.
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