Assenagon Asset Management S.A. Purchases 1,989 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Assenagon Asset Management S.A. increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 0.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 243,187 shares of the software maker's stock after acquiring an additional 1,989 shares during the period. Assenagon Asset Management S.A. owned approximately 0.09% of Cadence Design Systems worth $73,068,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CDNS. Sumitomo Mitsui Trust Group Inc. boosted its stake in Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker's stock worth $258,136,000 after purchasing an additional 310,250 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec purchased a new position in Cadence Design Systems in the third quarter worth about $24,026,000. Teamwork Financial Advisors LLC lifted its stake in shares of Cadence Design Systems by 19.4% in the third quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker's stock worth $3,559,000 after buying an additional 2,136 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Cadence Design Systems by 2.7% during the third quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker's stock valued at $2,061,502,000 after buying an additional 198,230 shares during the last quarter. Finally, Vontobel Holding Ltd. grew its holdings in shares of Cadence Design Systems by 5.3% during the third quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker's stock valued at $61,957,000 after buying an additional 11,568 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS traded down $1.82 during mid-day trading on Thursday, reaching $298.90. 1,430,485 shares of the company traded hands, compared to its average volume of 1,394,958. The company's 50 day moving average price is $304.40 and its 200-day moving average price is $285.31. The firm has a market cap of $81.98 billion, a PE ratio of 78.45, a PEG ratio of 3.44 and a beta of 1.04. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27.

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

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Mizuho upped their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research report on Friday, December 13th. Oppenheimer started coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an "underperform" rating and a $225.00 price objective on the stock. Needham & Company LLC lowered their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating on the stock in a research note on Tuesday, October 29th. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an "overweight" rating and a $350.00 target price for the company. Finally, Redburn Atlantic assumed coverage on Cadence Design Systems in a report on Monday. They set a "buy" rating and a $350.00 price target on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $329.50.

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the sale, the vice president now directly owns 61,111 shares in the company, valued at approximately $16,866,636. The trade was a 1.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Anirudh Devgan sold 5,920 shares of the business's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock worth $33,528,267 over the last ninety days. Corporate insiders own 0.62% of the company's stock.

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.