US Bancorp DE decreased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 5.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,209 shares of the software maker’s stock after selling 1,659 shares during the period. US Bancorp DE’s holdings in Cadence Design Systems were worth $7,319,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in the stock. Bank Julius Baer & Co. Ltd Zurich lifted its stake in Cadence Design Systems by 98,001.8% in the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 714,378,920 shares of the software maker’s stock valued at $167,536,144,000 after acquiring an additional 713,650,718 shares during the last quarter. Norges Bank acquired a new stake in Cadence Design Systems in the fourth quarter valued at $770,945,000. Alliancebernstein L.P. lifted its stake in Cadence Design Systems by 620.0% in the fourth quarter. Alliancebernstein L.P. now owns 2,954,303 shares of the software maker’s stock valued at $474,579,000 after acquiring an additional 2,543,966 shares during the last quarter. Jennison Associates LLC lifted its stake in Cadence Design Systems by 33.8% in the second quarter. Jennison Associates LLC now owns 6,483,146 shares of the software maker’s stock valued at $1,520,427,000 after acquiring an additional 1,637,860 shares during the last quarter. Finally, Moneta Group Investment Advisors LLC acquired a new stake in Cadence Design Systems in the fourth quarter valued at $227,854,000. Institutional investors own 83.95% of the company’s stock.
Analyst Upgrades and Downgrades
A number of analysts have commented on CDNS shares. Rosenblatt Securities increased their price target on shares of Cadence Design Systems from $250.00 to $265.00 and gave the company a “buy” rating in a research note on Thursday, October 19th. Morgan Stanley began coverage on shares of Cadence Design Systems in a research report on Friday, November 10th. They issued an “equal weight” rating and a $260.00 price objective on the stock. Needham & Company LLC reissued a “buy” rating and issued a $268.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 24th. KeyCorp increased their price objective on shares of Cadence Design Systems from $270.00 to $290.00 and gave the company an “overweight” rating in a research report on Thursday, September 14th. Finally, StockNews.com assumed coverage on shares of Cadence Design Systems in a research report on Thursday, October 5th. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $264.50.
In related news, CEO Anirudh Devgan sold 1,523 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $233.97, for a total transaction of $356,336.31. Following the transaction, the chief executive officer now directly owns 144,944 shares in the company, valued at approximately $33,912,547.68. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,523 shares of Cadence Design Systems stock in a transaction on Monday, August 28th. The stock was sold at an average price of $233.97, for a total transaction of $356,336.31. Following the completion of the transaction, the chief executive officer now owns 144,944 shares in the company, valued at $33,912,547.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $231.86, for a total value of $279,855.02. Following the completion of the sale, the vice president now directly owns 66,080 shares of the company’s stock, valued at approximately $15,321,308.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,279 shares of company stock worth $5,049,575. 1.99% of the stock is currently owned by insiders.
Cadence Design Systems Stock Up 0.5 %
NASDAQ:CDNS opened at $268.27 on Monday. The company has a market cap of $72.99 billion, a PE ratio of 76.43, a P/E/G ratio of 3.31 and a beta of 1.04. Cadence Design Systems, Inc. has a one year low of $154.88 and a one year high of $274.32. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.44 and a quick ratio of 1.31. The firm’s 50 day simple moving average is $243.70 and its 200 day simple moving average is $233.80.
Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last announced its quarterly earnings data on Monday, October 23rd. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.06. Cadence Design Systems had a return on equity of 34.64% and a net margin of 24.42%. The firm had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the prior year, the company earned $0.79 EPS. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 4.13 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.
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