Covea Finance lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 28.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 55,998 shares of the software maker's stock after buying an additional 12,400 shares during the quarter. Covea Finance's holdings in Cadence Design Systems were worth $16,825,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Park Avenue Securities LLC boosted its position in Cadence Design Systems by 17.7% in the 4th quarter. Park Avenue Securities LLC now owns 22,427 shares of the software maker's stock valued at $6,738,000 after buying an additional 3,366 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Cadence Design Systems by 0.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 243,187 shares of the software maker's stock valued at $73,068,000 after acquiring an additional 1,989 shares during the last quarter. Board of the Pension Protection Fund acquired a new stake in Cadence Design Systems in the fourth quarter worth about $541,000. Fifth Third Wealth Advisors LLC raised its holdings in Cadence Design Systems by 4.2% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 5,773 shares of the software maker's stock worth $1,735,000 after purchasing an additional 234 shares during the last quarter. Finally, Ignite Planners LLC acquired a new position in Cadence Design Systems during the 4th quarter valued at about $205,000. Institutional investors and hedge funds own 84.85% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently commented on CDNS shares. Needham & Company LLC lowered their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating for the company in a research report on Tuesday, October 29th. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They set a "buy" rating and a $320.00 target price for the company. Rosenblatt Securities reiterated a "neutral" rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Robert W. Baird raised their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 29th. Finally, Mizuho upped their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $329.50.
Check Out Our Latest Stock Report on CDNS
Insiders Place Their Bets
In related news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the sale, the vice president now owns 59,311 shares in the company, valued at $18,080,365.24. The trade was a 1.08 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 108,416 shares of company stock worth $33,528,267. Corporate insiders own 1.99% of the company's stock.
Cadence Design Systems Stock Up 2.2 %
Shares of NASDAQ:CDNS traded up $6.53 during trading on Wednesday, hitting $300.72. 1,819,871 shares of the company's stock traded hands, compared to its average volume of 1,380,286. The company has a 50-day moving average price of $304.32 and a 200-day moving average price of $285.20. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The company has a market cap of $82.48 billion, a price-to-earnings ratio of 78.93, a price-to-earnings-growth ratio of 4.16 and a beta of 1.04.
Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.18 billion. During the same quarter in the prior year, the company earned $1.01 earnings per share. The business's quarterly revenue was up 18.8% compared to the same quarter last year. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.
Cadence Design Systems Profile
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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.
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