Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by GAM Holding AG

GAM Holding AG reduced its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 3.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 22,307 shares of the software maker's stock after selling 910 shares during the period. GAM Holding AG's holdings in Cadence Design Systems were worth $6,702,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. State Street Corp grew its position in Cadence Design Systems by 0.5% during the 3rd quarter. State Street Corp now owns 11,922,747 shares of the software maker's stock worth $3,231,422,000 after purchasing an additional 60,490 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of Cadence Design Systems by 5.3% in the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker's stock worth $2,406,760,000 after acquiring an additional 404,076 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Cadence Design Systems by 0.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker's stock worth $1,081,098,000 after acquiring an additional 37,452 shares during the period. Nordea Investment Management AB lifted its stake in shares of Cadence Design Systems by 6.5% in the 4th quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker's stock worth $885,356,000 after acquiring an additional 178,212 shares during the period. Finally, Van ECK Associates Corp lifted 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 acquiring an additional 572,251 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS traded down $11.96 on Friday, hitting $258.27. The company's stock had a trading volume of 4,553,254 shares, compared to its average volume of 1,870,280. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The company has a market capitalization of $70.83 billion, a price-to-earnings ratio of 66.91, a price-to-earnings-growth ratio of 3.17 and a beta of 1.03. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The stock has a 50 day moving average of $301.51 and a 200-day moving average of $286.95.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. As a group, research analysts predict that Cadence Design Systems, Inc. will post 5.57 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently commented on CDNS shares. Needham & Company LLC restated a "buy" rating and issued a $325.00 target price on shares of Cadence Design Systems in a research note on Wednesday. Piper Sandler raised their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research note on Wednesday. Bank of America reduced their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday. Loop Capital reduced their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research note on Wednesday. Finally, StockNews.com cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of "Moderate Buy" and an average target price of $326.92.

Insider Activity

In other news, VP Paul Scannell sold 3,171 shares of the business's stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the completion of the transaction, the vice president now owns 14,318 shares of the company's stock, valued at $4,378,158.04. The trade was a 18.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the business's stock in a transaction that occurred on Monday, January 6th. The shares were 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 of the company's stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock valued at $33,538,875 over the last 90 days. Insiders own 1.99% of the company's stock.

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.