Lombard Odier Asset Management Switzerland SA Sells 3,142 Shares of Cadence Design Systems, Inc. $CDNS

Lombard Odier Asset Management Switzerland SA trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 23.6% in the 1st quarter, HoldingsChannel reports. The fund owned 10,167 shares of the software maker’s stock after selling 3,142 shares during the quarter. Lombard Odier Asset Management Switzerland SA’s holdings in Cadence Design Systems were worth $2,825,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CDNS. MUFG Securities EMEA plc increased its position in Cadence Design Systems by 113.9% during the 4th quarter. MUFG Securities EMEA plc now owns 11,159 shares of the software maker’s stock valued at $3,488,000 after buying an additional 5,943 shares in the last quarter. Sun Financial Inc purchased a new position in Cadence Design Systems during the 4th quarter worth approximately $1,225,000. DDD Partners LLC lifted its position in Cadence Design Systems by 27.4% during the fourth quarter. DDD Partners LLC now owns 41,968 shares of the software maker’s stock valued at $13,118,000 after purchasing an additional 9,024 shares during the period. Leonteq Securities AG acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at about $1,105,000. Finally, Indivisible Partners acquired a new position in Cadence Design Systems in the fourth quarter valued at approximately $4,795,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 51,887 shares of the stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $370.00, for a total transaction of $19,198,190.00. Following the transaction, the chief executive officer directly owned 303,525 shares in the company, valued at $112,304,250. This represents a 14.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Plummer sold 1,511 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $381.34, for a total transaction of $576,204.74. Following the completion of the sale, the director owned 23,264 shares in the company, valued at approximately $8,871,493.76. This trade represents a 6.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 157,057 shares of company stock valued at $60,272,277 in the last ninety days. 0.49% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CDNS has been the topic of several recent analyst reports. Piper Sandler increased their target price on shares of Cadence Design Systems from $319.00 to $325.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 28th. Benchmark initiated coverage on shares of Cadence Design Systems in a research note on Wednesday, July 15th. They set a “buy” rating and a $450.00 price objective for the company. Stifel Nicolaus increased their price target on shares of Cadence Design Systems from $395.00 to $432.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Robert W. Baird boosted their target price on Cadence Design Systems from $381.00 to $385.00 and gave the company an “outperform” rating in a research report on Tuesday, April 28th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cadence Design Systems in a research report on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus price target of $393.65.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $326.24 on Monday. The firm has a market cap of $89.98 billion, a price-to-earnings ratio of 76.05, a price-to-earnings-growth ratio of 3.86 and a beta of 1.15. The firm’s fifty day moving average price is $373.92 and its 200 day moving average price is $329.47. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.47 and a quick ratio of 1.32. Cadence Design Systems, Inc. has a 1-year low of $262.75 and a 1-year high of $416.69.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 27th. The software maker reported $1.96 EPS for the quarter, beating the consensus estimate of $1.91 by $0.05. The business had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.46 billion. Cadence Design Systems had a return on equity of 28.44% and a net margin of 21.18%.The company’s quarterly revenue was up 18.6% compared to the same quarter last year. During the same period last year, the firm earned $1.57 EPS. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 6.23 EPS for the current year.

Cadence Design Systems Profile

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.