Ninety One UK Ltd Reduces Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ninety One UK Ltd cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 166,062 shares of the software maker’s stock after selling 8,190 shares during the period. Ninety One UK Ltd’s holdings in Cadence Design Systems were worth $45,230,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of CDNS. Valley National Advisers Inc. boosted its position in Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares during the last quarter. Fortitude Family Office LLC purchased a new position in Cadence Design Systems in the fourth quarter worth about $28,000. OFI Invest Asset Management purchased a new position in Cadence Design Systems in the third quarter worth about $26,000. Atlas Capital Advisors LLC boosted its position in Cadence Design Systems by 322.6% in the second quarter. Atlas Capital Advisors LLC now owns 131 shares of the software maker’s stock worth $31,000 after purchasing an additional 100 shares during the last quarter. Finally, Rakuten Securities Inc. purchased a new position in Cadence Design Systems in the fourth quarter worth about $45,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Down 2.7 %

Shares of CDNS opened at $285.90 on Friday. The business’s 50 day moving average is $306.16 and its 200 day moving average is $279.39. The company has a market capitalization of $77.83 billion, a PE ratio of 74.84, a price-to-earnings-growth ratio of 3.57 and a beta of 1.04. Cadence Design Systems, Inc. has a 12-month low of $194.01 and a 12-month high of $327.36. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09.

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

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total transaction of $1,350,000.00. Following the sale, the director now owns 54,683 shares of the company’s stock, valued at approximately $16,404,900. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 4,500 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total value of $1,350,000.00. Following the completion of the sale, the director now directly owns 54,683 shares in the company, valued at approximately $16,404,900. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 177,544 shares of company stock valued at $53,581,207. 1.99% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts have issued reports on CDNS shares. Rosenblatt Securities cut Cadence Design Systems from a “buy” rating to a “neutral” rating and raised their target price for the stock from $265.00 to $280.00 in a research report on Tuesday, February 13th. Wells Fargo & Company raised their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Robert W. Baird raised their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, KeyCorp raised their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Monday. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $318.10.

Cadence Design Systems 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.