Tocqueville Asset Management L.P. lessened its stake in Cadence Design Systems Inc (NASDAQ:CDNS) by 24.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 8,657 shares of the software maker’s stock after selling 2,739 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in Cadence Design Systems were worth $600,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. BlackRock Inc. increased its stake in Cadence Design Systems by 11.0% during the 2nd quarter. BlackRock Inc. now owns 22,809,519 shares of the software maker’s stock worth $1,615,142,000 after buying an additional 2,264,949 shares in the last quarter. State Street Corp grew its position in shares of Cadence Design Systems by 0.3% in the third quarter. State Street Corp now owns 12,302,854 shares of the software maker’s stock valued at $812,973,000 after purchasing an additional 42,326 shares in the last quarter. Man Group plc grew its position in shares of Cadence Design Systems by 20.5% in the third quarter. Man Group plc now owns 2,482,130 shares of the software maker’s stock valued at $164,020,000 after purchasing an additional 421,553 shares in the last quarter. Nuveen Asset Management LLC grew its position in shares of Cadence Design Systems by 401.2% in the second quarter. Nuveen Asset Management LLC now owns 1,795,416 shares of the software maker’s stock valued at $127,133,000 after purchasing an additional 1,437,212 shares in the last quarter. Finally, UBS Asset Management Americas Inc. grew its position in shares of Cadence Design Systems by 24.1% in the second quarter. UBS Asset Management Americas Inc. now owns 1,604,155 shares of the software maker’s stock valued at $113,590,000 after purchasing an additional 311,063 shares in the last quarter. 85.74% of the stock is owned by institutional investors and hedge funds.
A number of research firms have recently issued reports on CDNS. Credit Suisse Group restated a “neutral” rating and issued a $75.00 price target (up from $70.00) on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. Bank of America began coverage on Cadence Design Systems in a research report on Monday, September 23rd. They issued a “neutral” rating and a $73.00 price target for the company. Zacks Investment Research lowered Cadence Design Systems from a “buy” rating to a “hold” rating and set a $74.00 price target for the company. in a research report on Tuesday, December 24th. Wells Fargo & Co upgraded Cadence Design Systems from a “market perform” rating to an “outperform” rating and set a $80.00 price target for the company in a research report on Friday, October 11th. Finally, BidaskClub lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Cadence Design Systems presently has a consensus rating of “Hold” and an average target price of $75.75.
Shares of NASDAQ CDNS opened at $73.73 on Friday. The stock has a market cap of $20.50 billion, a P/E ratio of 48.51, a PEG ratio of 4.33 and a beta of 1.15. The company has a current ratio of 1.70, a quick ratio of 1.59 and a debt-to-equity ratio of 0.23. Cadence Design Systems Inc has a 12-month low of $45.17 and a 12-month high of $77.08. The business’s fifty day simple moving average is $69.73 and its 200-day simple moving average is $69.05.
Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 21st. The software maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. The business had revenue of $579.60 million for the quarter, compared to analysts’ expectations of $576.33 million. Cadence Design Systems had a return on equity of 30.74% and a net margin of 18.54%. The company’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period last year, the firm earned $0.49 earnings per share. On average, equities analysts forecast that Cadence Design Systems Inc will post 1.51 EPS for the current fiscal year.
In other news, VP Aneel Zaman sold 44,363 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $69.90, for a total value of $3,100,973.70. Following the sale, the vice president now directly owns 236,090 shares in the company, valued at $16,502,691. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO John M. Wall sold 3,000 shares of the stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $65.79, for a total value of $197,370.00. Following the completion of the sale, the chief financial officer now owns 197,625 shares in the company, valued at $13,001,748.75. The disclosure for this sale can be found here. Over the last quarter, insiders sold 320,736 shares of company stock worth $22,490,816. Insiders own 2.34% of the company’s stock.
About Cadence Design Systems
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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.
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