Pictet Asset Management Holding SA Buys 1,493,024 Shares of Cadence Design Systems, Inc. $CDNS

Pictet Asset Management Holding SA lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 118.5% in the third quarter, HoldingsChannel reports. The institutional investor owned 2,752,620 shares of the software maker’s stock after buying an additional 1,493,024 shares during the quarter. Cadence Design Systems makes up about 0.9% of Pictet Asset Management Holding SA’s holdings, making the stock its 19th biggest holding. Pictet Asset Management Holding SA’s holdings in Cadence Design Systems were worth $908,709,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of CDNS. George Kaiser Family Foundation bought a new stake in Cadence Design Systems during the 2nd quarter worth approximately $725,000. MassMutual Private Wealth & Trust FSB raised its position in Cadence Design Systems by 65.7% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 26,160 shares of the software maker’s stock valued at $8,638,000 after purchasing an additional 10,376 shares during the last quarter. Vega Investment Solutions bought a new position in Cadence Design Systems in the 2nd quarter valued at $1,957,000. Park National Corp OH boosted its stake in Cadence Design Systems by 186.9% in the third quarter. Park National Corp OH now owns 372,703 shares of the software maker’s stock worth $123,063,000 after purchasing an additional 242,816 shares in the last quarter. Finally, American National Bank & Trust boosted its stake in Cadence Design Systems by 7,625.4% in the third quarter. American National Bank & Trust now owns 9,116 shares of the software maker’s stock worth $3,010,000 after purchasing an additional 8,998 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the company. Citigroup increased their target price on Cadence Design Systems from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Bank of America lifted their price target on Cadence Design Systems from $400.00 to $420.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Weiss Ratings downgraded shares of Cadence Design Systems from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday. Rothschild & Co Redburn increased their price objective on shares of Cadence Design Systems from $385.00 to $395.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Finally, Benchmark restated a “buy” rating on shares of Cadence Design Systems in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $410.05.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $319.92 on Friday. The firm has a fifty day moving average of $319.83 and a two-hundred day moving average of $327.44. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.18 and a current ratio of 1.36. The stock has a market capitalization of $87.78 billion, a price-to-earnings ratio of 63.60, a PEG ratio of 3.03 and a beta of 1.10. Cadence Design Systems, Inc. has a 52 week low of $262.75 and a 52 week high of $416.69.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.06. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period last year, the company earned $1.93 EPS. The firm’s revenue was up 22.0% on a year-over-year basis. As a group, equities research analysts predict that Cadence Design Systems, Inc. will post 6.71 EPS for the current year.

Insider Buying and Selling

In other news, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $285.51, for a total transaction of $51,391.80. Following the completion of the transaction, the director directly owned 7,824 shares in the company, valued at approximately $2,233,830.24. The trade was a 2.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Cunningham sold 2,000 shares of the company’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $277.12, for a total value of $554,240.00. Following the completion of the sale, the vice president directly owned 121,793 shares of the company’s stock, valued at approximately $33,751,276.16. This trade represents a 1.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 8,960 shares of company stock worth $2,834,139. Corporate insiders own 0.49% of the company’s stock.

About Cadence Design Systems

Cadence Design Systems, Inc develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards.

The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.