Zurcher Kantonalbank Zurich Cantonalbank Trims Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Zurcher Kantonalbank Zurich Cantonalbank lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 118,688 shares of the software maker’s stock after selling 4,220 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Cadence Design Systems were worth $32,327,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. State Street Corp increased its stake in Cadence Design Systems by 3.1% in the 1st quarter. State Street Corp now owns 11,406,581 shares of the software maker’s stock worth $2,396,402,000 after buying an additional 344,518 shares during the period. Jennison Associates LLC raised its holdings in shares of Cadence Design Systems by 8.7% in the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after purchasing an additional 564,085 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Cadence Design Systems by 1.7% in the 1st quarter. Geode Capital Management LLC now owns 6,188,531 shares of the software maker’s stock valued at $1,297,925,000 after purchasing an additional 103,213 shares in the last quarter. Norges Bank bought a new stake in shares of Cadence Design Systems in the 4th quarter valued at about $770,945,000. Finally, Northern Trust Corp raised its holdings in shares of Cadence Design Systems by 5.6% in the 3rd quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock valued at $701,927,000 after purchasing an additional 158,031 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity

In other news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO John M. Wall sold 36,000 shares of the stock in a transaction on Thursday, January 18th. The shares were sold at an average price of $277.46, for a total transaction of $9,988,560.00. Following the sale, the chief financial officer now directly owns 80,594 shares of the company’s stock, valued at $22,361,611.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The disclosure for this sale can be found here. Insiders have sold 212,044 shares of company stock valued at $63,106,522 in the last ninety days. Insiders own 0.62% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CDNS. Piper Sandler began coverage on shares of Cadence Design Systems in a report on Thursday, April 4th. They issued a “neutral” rating and a $334.00 price target for the company. Robert W. Baird boosted their price target on shares of Cadence Design Systems from $289.00 to $302.00 and gave the company an “outperform” rating in a report on Tuesday, February 13th. Stifel Nicolaus boosted their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Rosenblatt Securities lowered shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $265.00 to $280.00 in a research note on Tuesday, February 13th. Finally, Wells Fargo & Company boosted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $316.10.

Cadence Design Systems Stock Up 0.1 %

CDNS stock opened at $301.01 on Wednesday. The firm’s fifty day simple moving average is $306.73 and its 200-day simple moving average is $279.25. The company has a market capitalization of $81.95 billion, a P/E ratio of 78.75, a price-to-earnings-growth ratio of 3.66 and a beta of 1.04. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. Cadence Design Systems, Inc. has a 12 month low of $194.01 and a 12 month high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, beating the consensus estimate of $1.33 by $0.05. The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.75 EPS. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.82 earnings per share for the current year.

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.