AEGON ASSET MANAGEMENT UK Plc Sells 11,347 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

AEGON ASSET MANAGEMENT UK Plc reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 8.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 129,406 shares of the software maker's stock after selling 11,347 shares during the quarter. AEGON ASSET MANAGEMENT UK Plc's holdings in Cadence Design Systems were worth $35,072,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of CDNS. Swedbank AB acquired a new position in Cadence Design Systems during the first quarter worth $439,988,000. Principal Financial Group Inc. increased its stake in shares of Cadence Design Systems by 280.1% in the second quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker's stock valued at $467,676,000 after buying an additional 1,119,824 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker's stock valued at $689,472,000 after buying an additional 572,251 shares in the last quarter. Meridiem Investment Management Ltd. acquired a new stake in shares of Cadence Design Systems in the third quarter valued at $129,285,000. Finally, 1832 Asset Management L.P. increased its stake in shares of Cadence Design Systems by 111.5% in the first quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker's stock valued at $266,583,000 after buying an additional 451,530 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CDNS. Oppenheimer began coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an "underperform" rating and a $225.00 target price for the company. Robert W. Baird raised their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an "outperform" rating in a report on Tuesday, October 29th. Needham & Company LLC decreased their price target on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating on the stock in a report on Tuesday, October 29th. Mizuho initiated coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They issued an "outperform" rating and a $325.00 price target on the stock. Finally, Piper Sandler upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and set a $318.00 price target on the stock in a report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $323.17.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the transaction, the vice president now directly owns 61,111 shares of the company's stock, valued at approximately $16,866,636. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the transaction, the vice president now directly owns 61,111 shares of the company's stock, valued at approximately $16,866,636. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Karna Nisewaner sold 659 shares of the business's stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $181,870.82. Following the transaction, the senior vice president now directly owns 16,029 shares in the company, valued at $4,423,683.42. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,347 shares of company stock valued at $7,734,616 in the last 90 days. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Stock Down 0.2 %

Cadence Design Systems stock traded down $0.47 during midday trading on Friday, reaching $301.25. The stock had a trading volume of 1,242,846 shares, compared to its average volume of 2,526,059. The firm's fifty day simple moving average is $270.09 and its 200-day simple moving average is $282.10. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The stock has a market capitalization of $82.62 billion, a P/E ratio of 79.07, a price-to-earnings-growth ratio of 3.63 and a beta of 1.02. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. Cadence Design Systems's revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.01 EPS. As a group, analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Cadence Design Systems Profile

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.