Banque Cantonale Vaudoise Trims Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Banque Cantonale Vaudoise cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) by 9.8% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 12,784 shares of the software maker’s stock after selling 1,384 shares during the quarter. Banque Cantonale Vaudoise’s holdings in Cadence Design Systems were worth $3,980,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in CDNS. Kestra Advisory Services LLC boosted its position in shares of Cadence Design Systems by 24.1% during the third quarter. Kestra Advisory Services LLC now owns 9,552 shares of the software maker’s stock valued at $2,238,000 after purchasing an additional 1,856 shares in the last quarter. CenterBook Partners LP boosted its position in shares of Cadence Design Systems by 39.2% during the third quarter. CenterBook Partners LP now owns 5,283 shares of the software maker’s stock valued at $1,238,000 after purchasing an additional 1,488 shares in the last quarter. Interchange Capital Partners LLC bought a new stake in shares of Cadence Design Systems during the third quarter valued at approximately $248,000. Altshuler Shaham Ltd boosted its position in shares of Cadence Design Systems by 155.2% during the third quarter. Altshuler Shaham Ltd now owns 319 shares of the software maker’s stock valued at $75,000 after purchasing an additional 194 shares in the last quarter. Finally, LPL Financial LLC boosted its position in shares of Cadence Design Systems by 26.2% during the third quarter. LPL Financial LLC now owns 196,978 shares of the software maker’s stock valued at $46,152,000 after purchasing an additional 40,919 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, VP Chin-Chi Teng sold 32,184 shares of the stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the sale, the vice president now owns 95,408 shares in the company, valued at $28,379,109.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO John M. Wall sold 21,700 shares of the stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $311.40, for a total transaction of $6,757,380.00. Following the completion of the transaction, the chief financial officer now directly owns 41,035 shares of the company’s stock, valued at $12,778,299. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Chin-Chi Teng sold 32,184 shares of the stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total value of $9,573,130.80. Following the transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at $28,379,109.60. The disclosure for this sale can be found here. Insiders sold a total of 62,834 shares of company stock worth $18,989,549 over the last quarter. 1.99% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CDNS has been the topic of several research reports. Wells Fargo & Company lifted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Monday, April 22nd. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Friday, May 17th. Bank of America upped their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Finally, Piper Sandler lowered their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $331.11.

Read Our Latest Research Report on Cadence Design Systems

Cadence Design Systems Stock Performance

CDNS traded down $2.02 during midday trading on Friday, reaching $316.51. The company had a trading volume of 693,099 shares, compared to its average volume of 1,547,159. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The business has a 50-day moving average of $292.58 and a two-hundred day moving average of $291.67. The company has a market cap of $86.22 billion, a P/E ratio of 82.95, a P/E/G ratio of 4.00 and a beta of 1.04. Cadence Design Systems, Inc. has a 1 year low of $217.77 and a 1 year high of $328.99.

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

Cadence Design Systems 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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