Swiss National Bank Reduces Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Swiss National Bank cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 849,700 shares of the software maker’s stock after selling 27,500 shares during the quarter. Swiss National Bank’s holdings in Cadence Design Systems were worth $231,433,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of CDNS. Jennison Associates LLC lifted its holdings in Cadence Design Systems by 8.7% in the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after buying an additional 564,085 shares during the period. Northern Trust Corp lifted its holdings in Cadence Design Systems by 5.6% in the 3rd quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock worth $701,927,000 after buying an additional 158,031 shares during the period. Invesco Ltd. lifted its holdings in Cadence Design Systems by 4.9% in the 3rd quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock worth $471,480,000 after buying an additional 93,984 shares during the period. Nordea Investment Management AB lifted its holdings in Cadence Design Systems by 124.8% in the 4th 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 during the period. Finally, Wellington Management Group LLP lifted its stake in shares of Cadence Design Systems by 143.3% in the 3rd 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. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cadence Design Systems

In other news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the transaction, the senior vice president now directly owns 20,480 shares in the company, valued at approximately $5,639,372.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction of $449,130.00. Following the transaction, the director now directly owns 53,183 shares in the company, valued at $15,924,053.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $165,216.00. Following the transaction, the senior vice president now owns 20,480 shares in the company, valued at $5,639,372.80. The disclosure for this sale can be found here. Insiders have sold a total of 174,566 shares of company stock worth $52,649,105 in the last ninety days. Insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CDNS. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, April 22nd. Piper Sandler reduced their price objective on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Robert W. Baird raised their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Finally, StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $326.11.

Cadence Design Systems Stock Up 1.9 %

Shares of Cadence Design Systems stock traded up $5.19 on Friday, reaching $281.63. The company’s stock had a trading volume of 1,370,933 shares, compared to its average volume of 1,582,704. The company has a market capitalization of $76.64 billion, a price-to-earnings ratio of 73.34, a P/E/G ratio of 3.23 and a beta of 1.06. The firm’s fifty day simple moving average is $302.46 and its two-hundred day simple moving average is $281.91. Cadence Design Systems, Inc. has a 52 week low of $198.92 and a 52 week high of $327.36. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last posted its 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 analyst estimates of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.02 EPS. Equities analysts anticipate that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current year.

Cadence Design Systems Company 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.