Candriam S.C.A. lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 11.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 311,375 shares of the software maker’s stock after purchasing an additional 32,647 shares during the period. Candriam S.C.A.’s holdings in Cadence Design Systems were worth $103,187,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Van ECK Associates Corp boosted its holdings in Cadence Design Systems by 21.8% in the second quarter. Van ECK Associates Corp now owns 4,889,765 shares of the software maker’s stock valued at $1,835,227,000 after acquiring an additional 874,392 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in 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 valued at $1,270,704,000 after acquiring an additional 48,937 shares during the period. Assenagon Asset Management S.A. increased its stake 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. Pictet Asset Management Holding SA increased its stake in Cadence Design Systems by 118.5% during the third quarter. Pictet Asset Management Holding SA now owns 2,752,620 shares of the software maker’s stock worth $908,709,000 after acquiring an additional 1,493,024 shares during the last quarter. Finally, Legal & General Group Plc acquired a new stake in Cadence Design Systems during the second quarter worth about $702,615,000. 84.85% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
CDNS has been the topic of a number of research reports. Mizuho set a $400.00 price objective on Cadence Design Systems in a report on Tuesday, October 27th. Citigroup boosted their target price on Cadence Design Systems from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Needham & Company LLC increased their target price on shares of Cadence Design Systems from $400.00 to $430.00 and gave the stock a “buy” rating in a research report on Tuesday, October 27th. Rosenblatt Securities restated a “buy” rating and issued a $420.00 price target on shares of Cadence Design Systems in a report on Friday, October 23rd. Finally, JPMorgan Chase & Co. raised their price target on shares of Cadence Design Systems from $405.00 to $420.00 and gave the company an “overweight” rating in a report on Tuesday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $410.05.
View Our Latest Report on CDNS
Insider Buying and Selling
In other Cadence Design Systems news, Director Ita Brennan sold 180 shares of the company’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $285.51, for a total value of $51,391.80. Following the completion of the transaction, the director owned 7,824 shares in the company, valued at $2,233,830.24. This represents a 2.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Cunningham sold 2,000 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $277.12, for a total transaction of $554,240.00. Following the completion of the sale, the vice president directly owned 121,793 shares of the company’s stock, valued at $33,751,276.16. This trade represents a 1.62% decrease in their position. 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. Insiders have sold 8,960 shares of company stock worth $2,834,139 in the last 90 days. 0.49% of the stock is owned by insiders.
Cadence Design Systems Price Performance
Shares of NASDAQ CDNS opened at $319.92 on Friday. Cadence Design Systems, Inc. has a 1-year low of $262.75 and a 1-year high of $416.69. The business has a 50-day moving average of $319.83 and a 200-day moving average of $327.44. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.18. The company has a market capitalization of $87.78 billion, a price-to-earnings ratio of 63.60, a PEG ratio of 3.03 and a beta of 1.10.
Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last posted its earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.06. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The company’s revenue for the quarter was up 22.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.93 earnings per share. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 6.71 EPS for the current fiscal year.
Cadence Design Systems Profile
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.
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