Pictet Asset Management Holding SA Has $749.74 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Pictet Asset Management Holding SA trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 2.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,495,320 shares of the software maker's stock after selling 59,919 shares during the quarter. Cadence Design Systems comprises 0.8% of Pictet Asset Management Holding SA's portfolio, making the stock its 21st largest holding. Pictet Asset Management Holding SA owned about 0.91% of Cadence Design Systems worth $749,744,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Principal Financial Group Inc. increased its holdings in shares of Cadence Design Systems by 10.7% during the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker's stock valued at $672,300,000 after purchasing an additional 216,075 shares during the period. Pittenger & Anderson Inc. increased its stake in Cadence Design Systems by 50.1% during the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker's stock valued at $1,589,000 after buying an additional 1,766 shares during the period. Meridiem Investment Management Ltd. lifted its stake in shares of Cadence Design Systems by 64.3% in the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker's stock worth $235,625,000 after acquiring an additional 306,887 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of Cadence Design Systems by 132.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker's stock valued at $41,850,000 after acquiring an additional 79,268 shares in the last quarter. Finally, Avanza Fonder AB acquired a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $6,046,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

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Insiders Place Their Bets

In other news, CEO Anirudh Devgan sold 93,151 shares of the company's 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 sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the transaction, the vice president now directly owns 58,123 shares in the company, valued at $14,689,425.79. The trade was a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,021 shares of company stock valued at $31,229,155 in the last three months. Insiders own 1.99% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Bank of America decreased their price target on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. Loop Capital lowered their target price on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. Mizuho upped their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a report on Friday, December 13th. StockNews.com cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Finally, Needham & Company LLC restated a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $324.83.

Cadence Design Systems Stock Up 0.8 %

Shares of CDNS stock traded up $2.14 during trading on Tuesday, hitting $256.47. 404,007 shares of the company were exchanged, compared to its average volume of 2,086,987. The business's 50-day simple moving average is $273.52 and its 200 day simple moving average is $284.41. Cadence Design Systems, Inc. has a twelve month low of $230.09 and a twelve month high of $328.99. The firm has a market capitalization of $70.35 billion, a price-to-earnings ratio of 66.41, a P/E/G ratio of 3.88 and a beta of 1.05. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 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 company had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. As a group, analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Cadence Design Systems 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.