LGT Group Foundation Cuts Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

LGT Group Foundation decreased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.1% during the second quarter, according to its most recent filing with the SEC. The firm owned 8,044 shares of the software maker’s stock after selling 711 shares during the period. LGT Group Foundation’s holdings in Cadence Design Systems were worth $2,476,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Cadence Design Systems in the 4th quarter worth approximately $1,141,059,000. Swedbank AB purchased a new position in shares of Cadence Design Systems in the 1st quarter worth approximately $439,988,000. Principal Financial Group Inc. grew its position in shares of Cadence Design Systems by 280.1% in the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after buying an additional 1,119,824 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Cadence Design Systems by 58.1% in the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after buying an additional 468,195 shares during the last quarter. Finally, Jennison Associates LLC grew its position in shares of Cadence Design Systems by 6.9% in the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after buying an additional 459,603 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 2.1 %

NASDAQ:CDNS opened at $252.81 on Tuesday. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a twelve month low of $227.05 and a twelve month high of $328.99. The company’s 50 day moving average is $277.95 and its two-hundred day moving average is $292.56. The company has a market cap of $69.22 billion, a PE ratio of 65.84, a P/E/G ratio of 2.98 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the previous year, the business posted $0.94 EPS. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. Analysts anticipate that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the sale, the senior vice president now directly owns 19,280 shares in the company, valued at approximately $5,933,420. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the transaction, the senior vice president now owns 19,280 shares of the company’s stock, valued at $5,933,420. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,613 shares of company stock worth $10,701,156. Company insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the topic of a number of analyst reports. KeyCorp lifted their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Robert W. Baird cut their price objective on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research report on Tuesday, August 6th. Finally, Bank of America boosted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $334.56.

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.