Asset Management One Co. Ltd. Sells 2,271 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Asset Management One Co. Ltd. decreased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNSGet Rating) by 1.6% in the 3rd quarter, Holdings Channel.com reports. The fund owned 142,583 shares of the software maker’s stock after selling 2,271 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Cadence Design Systems were worth $23,302,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Voya Investment Management LLC lifted its stake in Cadence Design Systems by 102.3% in the 2nd quarter. Voya Investment Management LLC now owns 1,818,157 shares of the software maker’s stock valued at $272,778,000 after purchasing an additional 919,571 shares during the last quarter. FMR LLC lifted its stake in Cadence Design Systems by 4.7% in the 2nd quarter. FMR LLC now owns 10,344,233 shares of the software maker’s stock valued at $1,551,944,000 after purchasing an additional 462,306 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Cadence Design Systems by 55.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,037,790 shares of the software maker’s stock valued at $170,675,000 after purchasing an additional 368,956 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in Cadence Design Systems in the 1st quarter valued at about $57,084,000. Finally, Goldman Sachs Group Inc. lifted its stake in Cadence Design Systems by 17.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,273,433 shares of the software maker’s stock valued at $373,890,000 after purchasing an additional 344,471 shares during the last quarter. Institutional investors own 84.06% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CDNS. Stifel Nicolaus restated a “hold” rating and set a $200.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, October 26th. Atlantic Securities upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $200.00 price objective for the company in a research report on Tuesday, January 17th. Rosenblatt Securities cut their price objective on shares of Cadence Design Systems from $185.00 to $175.00 and set a “buy” rating for the company in a research report on Monday, October 24th. Bank of America upgraded shares of Cadence Design Systems from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $185.00 to $205.00 in a research report on Friday, December 16th. Finally, StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Saturday. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus price target of $195.50.

Cadence Design Systems Stock Down 0.6 %

NASDAQ CDNS opened at $182.38 on Wednesday. The company has a 50 day moving average of $165.98 and a 200-day moving average of $166.61. The company has a market cap of $50.03 billion, a price-to-earnings ratio of 64.22, a PEG ratio of 2.48 and a beta of 1.10. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. Cadence Design Systems, Inc. has a 1-year low of $132.32 and a 1-year high of $194.97.

Cadence Design Systems (NASDAQ:CDNSGet Rating) last announced its quarterly earnings data on Monday, October 24th. The software maker reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.03. The business had revenue of $902.55 million for the quarter, compared to analysts’ expectations of $868.85 million. Cadence Design Systems had a net margin of 22.86% and a return on equity of 33.19%. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the firm posted $0.65 earnings per share. On average, equities research analysts expect that Cadence Design Systems, Inc. will post 3.41 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, Director Young Sohn sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, November 30th. The shares were sold at an average price of $166.00, for a total value of $1,660,000.00. Following the transaction, the director now directly owns 36,372 shares of the company’s stock, valued at $6,037,752. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cadence Design Systems news, insider Lip Bu Tan sold 42,500 shares of the business’s stock in a transaction on Tuesday, January 17th. The shares were sold at an average price of $173.39, for a total transaction of $7,369,075.00. Following the sale, the insider now owns 602,589 shares of the company’s stock, valued at $104,482,906.71. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Young Sohn sold 10,000 shares of the business’s stock in a transaction on Wednesday, November 30th. The stock was sold at an average price of $166.00, for a total transaction of $1,660,000.00. Following the sale, the director now directly owns 36,372 shares in the company, valued at approximately $6,037,752. The disclosure for this sale can be found here. Insiders have sold 133,250 shares of company stock valued at $22,235,385 over the last three months. 1.99% of the stock is owned by insiders.

About Cadence Design Systems

(Get Rating)

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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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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