Gateway Investment Advisers LLC lessened its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 17.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 86,008 shares of the software maker's stock after selling 18,587 shares during the quarter. Gateway Investment Advisers LLC's holdings in Cadence Design Systems were worth $25,842,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Van ECK Associates Corp increased its position in 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 during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock worth $547,886,000 after buying an additional 501,833 shares during the last quarter. Meridiem Investment Management Ltd. purchased a new position in shares of Cadence Design Systems in the 3rd quarter worth $129,285,000. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Cadence Design Systems by 48.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker's stock valued at $258,136,000 after acquiring an additional 310,250 shares during the last quarter. Finally, Marshall Wace LLP grew its position in Cadence Design Systems by 153.4% during the second quarter. Marshall Wace LLP now owns 471,010 shares of the software maker's stock valued at $144,953,000 after acquiring an additional 285,130 shares during the period. Institutional investors and hedge funds own 84.85% of the company's stock.
Cadence Design Systems Stock Up 2.2 %
CDNS stock traded up $6.70 during midday trading on Friday, hitting $305.60. 1,567,258 shares of the company's stock were exchanged, compared to its average volume of 1,410,634. The firm has a 50 day moving average price of $304.40 and a 200-day moving average price of $285.31. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The stock has a market capitalization of $83.81 billion, a price-to-earnings ratio of 80.21, a price-to-earnings-growth ratio of 3.44 and a beta of 1.04. 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 (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) 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 business's revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.01 earnings per share. On average, analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.
Insider Buying and Selling
In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the transaction, the chief executive officer now owns 55,874 shares of the company's stock, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO John M. Wall sold 4,224 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the sale, the chief financial officer now directly owns 29,248 shares in the company, valued at $9,038,509.44. This trade represents a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 108,416 shares of company stock worth $33,528,267. Corporate insiders own 0.62% of the company's stock.
Analysts Set New Price Targets
Several research firms have recently weighed in on CDNS. Oppenheimer started coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an "underperform" rating and a $225.00 price objective on the stock. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an "outperform" rating in a research report on Tuesday, October 29th. Mizuho increased their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a research report on Friday, December 13th. Loop Capital assumed coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They set a "buy" rating and a $360.00 target price on the stock. Finally, Needham & Company LLC lowered their price target on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating for the company in a report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $329.50.
View Our Latest Research Report on Cadence Design Systems
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.
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