Lazard Freres Gestion S.A.S. Buys 8,500 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Lazard Freres Gestion S.A.S. lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 157.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 13,900 shares of the software maker’s stock after purchasing an additional 8,500 shares during the quarter. Lazard Freres Gestion S.A.S.’s holdings in Cadence Design Systems were worth $3,767,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CDNS. Missouri Trust & Investment Co bought a new stake in Cadence Design Systems during the third quarter worth about $27,000. ORG Partners LLC grew its position in Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after acquiring an additional 82 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in Cadence Design Systems during the 3rd quarter valued at $28,000. Chilton Capital Management LLC raised its position in Cadence Design Systems by 244.0% in the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after purchasing an additional 122 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its stake in Cadence Design Systems by 30.3% in the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after purchasing an additional 47 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on CDNS. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Loop Capital assumed coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 target price for the company. Needham & Company LLC decreased their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a report on Tuesday, August 6th. Finally, Mizuho assumed coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $326.00.

Cadence Design Systems Trading Up 0.2 %

NASDAQ CDNS traded up $0.52 on Tuesday, reaching $312.39. The company had a trading volume of 1,944,440 shares, compared to its average volume of 1,768,525. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The stock has a market cap of $85.68 billion, a price-to-earnings ratio of 81.99, a PEG ratio of 4.23 and a beta of 1.02. The stock’s 50 day moving average is $279.36 and its 200-day moving average is $283.82.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period last year, the company posted $1.01 EPS. Equities analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In related news, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The stock was 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 trade was a 20.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the sale, the director now owns 43,551 shares in the company, valued at $12,019,204.98. This trade represents a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,634 shares of company stock valued at $4,217,635 over the last three months. 1.99% of the stock is currently owned by corporate insiders.

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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.