Desjardins Global Asset Management Inc. Decreases Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Desjardins Global Asset Management Inc. lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 9,731 shares of the software maker’s stock after selling 737 shares during the quarter. Desjardins Global Asset Management Inc.’s holdings in Cadence Design Systems were worth $2,650,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the business. Highview Capital Management LLC DE grew its holdings in Cadence Design Systems by 0.8% during the fourth quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock worth $1,411,000 after acquiring an additional 39 shares during the period. BSW Wealth Partners grew its holdings in Cadence Design Systems by 2.8% during the fourth quarter. BSW Wealth Partners now owns 1,624 shares of the software maker’s stock worth $442,000 after acquiring an additional 44 shares during the period. Lindbrook Capital LLC grew its holdings in Cadence Design Systems by 2.5% in the third quarter. Lindbrook Capital LLC now owns 1,844 shares of the software maker’s stock valued at $432,000 after purchasing an additional 45 shares during the period. Savant Capital LLC grew its holdings in Cadence Design Systems by 2.7% in the third quarter. Savant Capital LLC now owns 1,733 shares of the software maker’s stock valued at $406,000 after purchasing an additional 45 shares during the period. Finally, Advisors Asset Management Inc. grew its holdings in Cadence Design Systems by 9.0% in the third quarter. Advisors Asset Management Inc. now owns 545 shares of the software maker’s stock valued at $128,000 after purchasing an additional 45 shares during the period. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the topic of several research analyst reports. Wells Fargo & Company raised their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday. Rosenblatt Securities lowered Cadence Design Systems from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $265.00 to $280.00 in a research note on Tuesday, February 13th. KeyCorp lifted their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Monday. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Wednesday, March 6th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $316.10.

Insider Activity at Cadence Design Systems

In related news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares in the company, valued at approximately $46,375,208.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Aneel Zaman sold 1,207 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the transaction, the vice president now directly owns 61,150 shares of the company’s stock, valued at $18,583,485. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 212,044 shares of company stock worth $63,106,522. 0.62% of the stock is currently owned by company insiders.

Cadence Design Systems Trading Up 0.0 %

NASDAQ:CDNS traded up $0.11 on Tuesday, reaching $301.67. The company’s stock had a trading volume of 1,062,692 shares, compared to its average volume of 1,471,600. Cadence Design Systems, Inc. has a 12-month low of $194.01 and a 12-month high of $327.36. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. The firm has a market cap of $82.13 billion, a price-to-earnings ratio of 78.94, a price-to-earnings-growth ratio of 3.72 and a beta of 1.04. The stock has a 50 day moving average price of $306.57 and a 200 day moving average price of $278.78.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.05. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.75 EPS. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.82 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.