1832 Asset Management L.P. Cuts Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

1832 Asset Management L.P. lessened its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) by 2.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 404,880 shares of the software maker’s stock after selling 10,521 shares during the quarter. 1832 Asset Management L.P. owned about 0.15% of Cadence Design Systems worth $110,277,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CDNS. Norges Bank bought a new position in shares of Cadence Design Systems in the fourth quarter worth approximately $1,141,059,000. Nordea Investment Management AB lifted its stake in shares of Cadence Design Systems by 124.8% in the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after buying an additional 1,052,228 shares in the last quarter. Wellington Management Group LLP lifted its position in Cadence Design Systems by 143.3% during the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after purchasing an additional 962,987 shares during the period. Assenagon Asset Management S.A. lifted its position in Cadence Design Systems by 261.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock valued at $169,022,000 after purchasing an additional 448,918 shares during the period. Finally, International Assets Investment Management LLC lifted its position in Cadence Design Systems by 26,060.9% during the fourth quarter. International Assets Investment Management LLC now owns 278,090 shares of the software maker’s stock valued at $757,430,000 after purchasing an additional 277,027 shares during the period. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CDNS. Needham & Company LLC restated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research report on Friday, May 17th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday, April 22nd. Stifel Nicolaus increased their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Robert W. Baird increased their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Finally, Piper Sandler decreased their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $331.11.

Check Out Our Latest Stock Report on Cadence Design Systems

Cadence Design Systems Price Performance

CDNS traded up $9.29 during trading on Wednesday, hitting $296.42. 1,884,129 shares of the company traded hands, compared to its average volume of 1,547,736. The company has a market cap of $80.66 billion, a PE ratio of 77.19, a P/E/G ratio of 3.50 and a beta of 1.04. The stock’s 50-day simple moving average is $292.40 and its two-hundred day simple moving average is $288.82. Cadence Design Systems, Inc. has a 1 year low of $217.77 and a 1 year high of $327.36. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. Cadence Design Systems’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period last year, the company posted $1.02 earnings per share. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director James D. Plummer sold 2,412 shares of Cadence Design Systems stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total value of $760,744.80. Following the completion of the transaction, the director now directly owns 22,923 shares of the company’s stock, valued at approximately $7,229,914.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Cadence Design Systems news, Director James D. Plummer sold 2,412 shares of Cadence Design Systems stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total value of $760,744.80. Following the completion of the transaction, the director now directly owns 22,923 shares of the company’s stock, valued at approximately $7,229,914.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Anirudh Devgan sold 48,533 shares of Cadence Design Systems stock in a transaction on Monday, March 18th. The stock was sold at an average price of $302.50, for a total transaction of $14,681,232.50. Following the completion of the transaction, the chief executive officer now directly owns 67,812 shares of the company’s stock, valued at $20,513,130. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 104,537 shares of company stock valued at $31,803,802. Corporate insiders own 0.62% of the company’s stock.

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.

Featured Articles

Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report).

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

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.