Gulf International Bank UK Ltd lessened its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 26.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 21,576 shares of the software maker's stock after selling 7,710 shares during the quarter. Gulf International Bank UK Ltd's holdings in Cadence Design Systems were worth $5,847,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Swedbank AB acquired a new stake in shares of Cadence Design Systems in the first quarter valued at about $439,988,000. Principal Financial Group Inc. raised its stake in shares of Cadence Design Systems by 280.1% during 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 purchasing an additional 1,119,824 shares during the period. Van ECK Associates Corp lifted its position in shares of Cadence Design Systems by 26.1% during the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker's stock worth $689,472,000 after purchasing an additional 572,251 shares in the last quarter. Meridiem Investment Management Ltd. purchased a new position in shares of Cadence Design Systems in the third quarter valued at $129,285,000. Finally, 1832 Asset Management L.P. grew its holdings in Cadence Design Systems by 111.5% during the 1st quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker's stock valued at $266,583,000 after purchasing an additional 451,530 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at Cadence Design Systems
In related news, VP Chin-Chi Teng sold 10,000 shares of the business's stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total value of $2,763,600.00. Following the completion of the sale, the vice president now owns 95,408 shares of the company's stock, valued at approximately $26,366,954.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the business's stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.36, for a total value of $2,763,600.00. Following the completion of the sale, the vice president now owns 95,408 shares of the company's stock, valued at $26,366,954.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.24, for a total value of $414,360.00. Following the transaction, the director now directly owns 45,051 shares in the company, valued at approximately $12,444,888.24. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,347 shares of company stock worth $7,734,616. 0.62% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
A number of equities analysts have weighed in on CDNS shares. Oppenheimer assumed coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They issued an "underperform" rating and a $225.00 price objective for the company. Berenberg Bank began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They issued a "buy" rating and a $320.00 target price on the stock. Needham & Company LLC reduced their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating on the stock in a research report on Tuesday, October 29th. Rosenblatt Securities reissued a "neutral" rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Piper Sandler raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and set a $318.00 target price on the stock in a report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $323.17.
Read Our Latest Analysis on Cadence Design Systems
Cadence Design Systems Stock Up 1.9 %
NASDAQ:CDNS traded up $5.54 during trading hours on Wednesday, hitting $296.75. 2,756,715 shares of the stock traded hands, compared to its average volume of 1,783,814. The firm has a market cap of $81.39 billion, a price-to-earnings ratio of 76.43, a PEG ratio of 3.45 and a beta of 1.02. The firm has a 50 day moving average price of $268.05 and a 200 day moving average price of $281.74. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99.
Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the prior year, the business earned $1.01 EPS. The business's revenue for the quarter was up 18.8% on a year-over-year basis. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.
About Cadence Design Systems
(
Free Report)
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.
Featured Stories
Before you consider Cadence Design Systems, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Cadence Design Systems wasn't on the list.
While Cadence Design Systems currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Which stocks are likely to thrive in today's challenging market? Click the link below and we'll send you MarketBeat's list of ten stocks that will drive in any economic environment.
Get This Free Report
