Deutsche Bank AG Sells 590,253 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Deutsche Bank AG cut its position in Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) by 42.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 795,394 shares of the software maker’s stock after selling 590,253 shares during the quarter. Deutsche Bank AG owned 0.29% of Cadence Design Systems worth $186,361,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Skandinaviska Enskilda Banken AB publ raised its position in shares of Cadence Design Systems by 90.0% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 303,874 shares of the software maker’s stock worth $71,210,000 after acquiring an additional 143,921 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Cadence Design Systems by 14.9% during the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 54,648 shares of the software maker’s stock worth $12,804,000 after acquiring an additional 7,091 shares during the last quarter. Financiere des Professionnels Fonds d investissement inc. bought a new position in shares of Cadence Design Systems during the third quarter worth about $1,303,000. Jupiter Asset Management Ltd. grew its stake in Cadence Design Systems by 27.2% during the third quarter. Jupiter Asset Management Ltd. now owns 334,516 shares of the software maker’s stock worth $78,377,000 after purchasing an additional 71,633 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp grew its stake in Cadence Design Systems by 3.9% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 287,471 shares of the software maker’s stock worth $67,354,000 after purchasing an additional 10,920 shares during the period. 83.95% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CDNS. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Wednesday, February 7th. Wells Fargo & Company raised their target price on Cadence Design Systems from $310.00 to $330.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $268.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 24th. KeyCorp raised their target price on Cadence Design Systems from $290.00 to $325.00 and gave the stock an “overweight” rating in a research note on Monday, February 5th. Finally, Rosenblatt Securities cut Cadence Design Systems from a “buy” rating to a “neutral” rating and set a $280.00 price objective for the company. in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $283.89.

Get Our Latest Analysis on CDNS

Cadence Design Systems Stock Down 1.7 %

CDNS stock opened at $306.58 on Tuesday. Cadence Design Systems, Inc. has a twelve month low of $183.80 and a twelve month high of $315.70. The company has a quick ratio of 1.31, a current ratio of 1.44 and a debt-to-equity ratio of 0.21. The stock’s 50 day moving average is $278.12 and its 200-day moving average is $255.40. The firm has a market capitalization of $83.41 billion, a PE ratio of 87.34, a P/E/G ratio of 3.76 and a beta of 1.07.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last posted its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.05. Cadence Design Systems had a return on equity of 34.64% and a net margin of 24.42%. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter last year, the company earned $0.75 earnings per share. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. Sell-side analysts expect that Cadence Design Systems, Inc. will post 4.14 EPS for the current fiscal year.

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of Cadence Design Systems stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total transaction of $1,350,000.00. Following the sale, the director now directly owns 54,683 shares in the company, valued at $16,404,900. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO John M. Wall sold 36,000 shares of Cadence Design Systems stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $277.46, for a total transaction of $9,988,560.00. Following the sale, the chief financial officer now directly owns 80,594 shares in the company, valued at $22,361,611.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the business’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $300.00, for a total value of $1,350,000.00. Following the completion of the sale, the director now owns 54,683 shares in the company, valued at $16,404,900. The disclosure for this sale can be found here. Insiders have sold 70,178 shares of company stock worth $19,409,553 over the last 90 days. 1.67% of the stock is currently owned by corporate insiders.

Cadence Design Systems Company Profile

(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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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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