Pictet Asset Management Ltd. trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 23.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,216,362 shares of the software maker’s stock after selling 975,466 shares during the period. Pictet Asset Management Ltd. owned approximately 1.15% of Cadence Design Systems worth $126,950,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. OMERS ADMINISTRATION Corp purchased a new stake in Cadence Design Systems during the 2nd quarter valued at $2,170,000. Janus Henderson Group PLC boosted its stake in Cadence Design Systems by 73,454.0% during the 2nd quarter. Janus Henderson Group PLC now owns 20,701,780 shares of the software maker’s stock valued at $693,303,000 after purchasing an additional 20,673,635 shares during the last quarter. Mn Services Vermogensbeheer B.V. boosted its stake in Cadence Design Systems by 490.3% during the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 45,258 shares of the software maker’s stock valued at $1,516,000 after purchasing an additional 37,591 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in Cadence Design Systems by 134.2% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 204,187 shares of the software maker’s stock valued at $6,838,000 after purchasing an additional 117,005 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in Cadence Design Systems by 89.7% during the 2nd quarter. First Trust Advisors LP now owns 460,774 shares of the software maker’s stock valued at $15,431,000 after purchasing an additional 217,889 shares during the last quarter. Institutional investors and hedge funds own 85.46% of the company’s stock.
Several analysts have commented on the company. Royal Bank Of Canada reiterated a “buy” rating on shares of Cadence Design Systems in a research note on Friday, July 7th. Credit Suisse Group reiterated an “outperform” rating on shares of Cadence Design Systems in a research note on Thursday, August 31st. BidaskClub downgraded Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 target price on the stock in a research note on Thursday, July 27th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Cadence Design Systems in a research note on Sunday. One research analyst has rated the stock with a sell rating, three have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Cadence Design Systems presently has an average rating of “Buy” and an average price target of $39.40.
In other Cadence Design Systems news, CFO Geoffrey G. Ribar sold 5,000 shares of the company’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $36.88, for a total value of $184,400.00. Following the sale, the chief financial officer now directly owns 174,413 shares of the company’s stock, valued at $6,432,351.44. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Lip Bu Tan sold 100,000 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $37.18, for a total transaction of $3,718,000.00. Following the completion of the sale, the chief executive officer now directly owns 583,332 shares in the company, valued at $21,688,283.76. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 260,786 shares of company stock worth $10,186,400. 2.55% of the stock is owned by corporate insiders.
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Shares of Cadence Design Systems, Inc. (CDNS) traded down 0.91% during mid-day trading on Monday, reaching $42.69. The company’s stock had a trading volume of 152,650 shares. Cadence Design Systems, Inc. has a one year low of $24.15 and a one year high of $43.23. The firm has a market cap of $11.96 billion, a PE ratio of 49.64 and a beta of 0.93. The firm’s 50 day moving average is $40.14 and its 200 day moving average is $36.15.
Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Thursday, October 26th. The software maker reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. The company had revenue of $485.40 million for the quarter, compared to analyst estimates of $481.10 million. During the same period in the prior year, the company earned $0.30 earnings per share. The firm’s revenue was up 8.8% on a year-over-year basis. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post $1.39 earnings per share for the current fiscal year.
Cadence Design Systems Profile
Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).
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