Pictet Asset Management Holding SA Sells 59,919 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Pictet Asset Management Holding SA reduced its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 2,495,320 shares of the software maker’s stock after selling 59,919 shares during the quarter. Cadence Design Systems accounts for approximately 0.8% of Pictet Asset Management Holding SA’s holdings, making the stock its 21st biggest position. Pictet Asset Management Holding SA’s holdings in Cadence Design Systems were worth $749,744,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Golden State Wealth Management LLC bought a new stake in Cadence Design Systems during the 4th quarter worth approximately $28,000. Avalon Trust Co purchased a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $39,000. Versant Capital Management Inc raised its position in Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after buying an additional 87 shares during the last quarter. OFI Invest Asset Management bought a new position in Cadence Design Systems during the 4th quarter valued at $46,000. Finally, Prestige Wealth Management Group LLC boosted its holdings in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after acquiring an additional 60 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

CDNS stock opened at $262.54 on Friday. Cadence Design Systems, Inc. has a 12-month low of $230.09 and a 12-month high of $328.99. The stock has a market capitalization of $71.96 billion, a price-to-earnings ratio of 68.02, a PEG ratio of 3.88 and a beta of 1.05. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The firm’s 50-day moving average price is $275.52 and its two-hundred day moving average price is $284.16.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on CDNS. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Piper Sandler lifted their price target on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Bank of America reduced their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Loop Capital lowered their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Finally, Oppenheimer decreased their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a report on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $324.83.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now owns 58,123 shares in the company, valued at approximately $14,689,425.79. This trade represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 101,021 shares of company stock valued at $31,229,155. Insiders own 1.99% of the company’s stock.

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.