Zevenbergen Capital Investments LLC Lowers Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Zevenbergen Capital Investments LLC trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 156,423 shares of the software maker’s stock after selling 15,051 shares during the period. Cadence Design Systems accounts for 1.0% of Zevenbergen Capital Investments LLC’s portfolio, making the stock its 27th largest position. Zevenbergen Capital Investments LLC’s holdings in Cadence Design Systems were worth $46,999,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Principal Financial Group Inc. lifted its position in shares of Cadence Design Systems by 10.7% during the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock valued at $672,300,000 after buying an additional 216,075 shares during the last quarter. Pittenger & Anderson Inc. lifted its position in Cadence Design Systems by 50.1% during the fourth quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock valued at $1,589,000 after acquiring an additional 1,766 shares during the last quarter. Meridiem Investment Management Ltd. boosted its stake in Cadence Design Systems by 64.3% in the fourth quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock valued at $235,625,000 after acquiring an additional 306,887 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in Cadence Design Systems by 132.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock worth $41,850,000 after purchasing an additional 79,268 shares during the last quarter. Finally, Avanza Fonder AB acquired a new stake in shares of Cadence Design Systems in the 4th quarter worth $6,046,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the sale, the vice president now directly owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. This represents a 1.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Anirudh Devgan sold 5,920 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 101,021 shares of company stock worth $31,229,155. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Up 1.5 %

Shares of Cadence Design Systems stock opened at $262.42 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The firm has a market capitalization of $71.93 billion, a price-to-earnings ratio of 67.98, a PEG ratio of 3.88 and a beta of 1.05. The stock has a 50 day moving average of $278.01 and a 200 day moving average of $284.19. Cadence Design Systems, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. As a group, research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Oppenheimer decreased their price target on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research note on Wednesday, March 19th. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. Robert W. Baird lowered their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. Piper Sandler raised their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Finally, StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $324.83.

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.