BNP PARIBAS ASSET MANAGEMENT Holding S.A. Cuts Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

BNP PARIBAS ASSET MANAGEMENT Holding S.A. reduced its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 10.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 432,485 shares of the software maker's stock after selling 52,075 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. owned 0.16% of Cadence Design Systems worth $117,217,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CDNS. Jennison Associates LLC boosted its position in shares of Cadence Design Systems by 2.7% during the 3rd quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker's stock valued at $2,061,502,000 after acquiring an additional 198,230 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker's stock worth $689,472,000 after buying an additional 572,251 shares in the last quarter. Legal & General Group Plc raised its position in shares of Cadence Design Systems by 1.8% during the 2nd quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker's stock valued at $772,187,000 after buying an additional 43,654 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock valued at $547,886,000 after acquiring an additional 501,833 shares during the last quarter. Finally, Swedbank AB grew its position in Cadence Design Systems by 15.1% in the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker's stock worth $475,336,000 after acquiring an additional 230,672 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Insider Transactions at Cadence Design Systems

In other news, CFO John M. Wall sold 10,000 shares of the company's stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the sale, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. This represents a 20.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Karna Nisewaner sold 659 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $181,870.82. Following the transaction, the senior vice president now directly owns 16,029 shares of the company's stock, valued at approximately $4,423,683.42. This trade represents a 3.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,634 shares of company stock worth $4,217,635 over the last three months. 1.99% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CDNS shares. Rosenblatt Securities restated a "neutral" rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a "buy" rating and a $320.00 price target for the company. Mizuho initiated coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an "outperform" rating and a $325.00 price objective for the company. Needham & Company LLC cut their target price on 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. Finally, Piper Sandler upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and set a $318.00 price objective for the company 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 eleven have assigned a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and an average target price of $326.00.

Cadence Design Systems Trading Up 1.5 %

NASDAQ:CDNS opened at $304.01 on Thursday. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $83.38 billion, a price-to-earnings ratio of 79.79, a PEG ratio of 4.07 and a beta of 1.02. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The firm has a 50 day moving average of $276.99 and a 200 day moving average of $283.28.

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

Cadence Design Systems Company 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.

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