Vontobel Holding Ltd. Increases Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Vontobel Holding Ltd. lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 66.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 34,913 shares of the software maker’s stock after purchasing an additional 13,997 shares during the quarter. Vontobel Holding Ltd.’s holdings in Cadence Design Systems were worth $9,509,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. State Street Corp boosted its holdings in shares of 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 purchasing an additional 344,518 shares during the period. Jennison Associates LLC boosted 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 worth $1,651,166,000 after purchasing an additional 564,085 shares during the period. Geode Capital Management LLC boosted 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 worth $1,297,925,000 after purchasing an additional 103,213 shares during the period. Norges Bank purchased a new position in shares of Cadence Design Systems in the 4th quarter worth approximately $770,945,000. Finally, Northern Trust Corp boosted 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 worth $701,927,000 after purchasing an additional 158,031 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $310,460.00. Following the completion of the transaction, the vice president now directly owns 68,144 shares of the company’s stock, valued at approximately $21,155,986.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO John M. Wall sold 36,000 shares of the business’s stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $277.46, for a total value of $9,988,560.00. Following the completion of the transaction, the chief financial officer now directly owns 80,594 shares of the company’s stock, valued at approximately $22,361,611.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $310,460.00. Following the transaction, the vice president now directly owns 68,144 shares in the company, valued at $21,155,986.24. The disclosure for this sale can be found here. In the last three months, insiders sold 212,044 shares of company stock valued at $63,106,522. Corporate insiders own 0.62% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of recent analyst reports. Stifel Nicolaus boosted their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. Needham & Company LLC restated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Wednesday, March 6th. Robert W. Baird boosted their price objective on Cadence Design Systems from $289.00 to $302.00 and gave the company an “outperform” rating in a report on Tuesday, February 13th. Finally, Piper Sandler initiated coverage on Cadence Design Systems in a report on Thursday, April 4th. They set a “neutral” rating and a $334.00 price objective for the company. 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, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $316.10.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $300.81 on Wednesday. Cadence Design Systems, Inc. has a twelve month low of $194.01 and a twelve month high of $327.36. The stock has a market capitalization of $81.89 billion, a price-to-earnings ratio of 78.75, a P/E/G ratio of 3.72 and a beta of 1.04. The stock has a fifty day simple moving average of $306.73 and a two-hundred day simple moving average of $279.25. 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 for the quarter, topping the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The business had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the prior year, the business earned $0.75 EPS. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, analysts predict that Cadence Design Systems, Inc. will post 4.82 EPS for the current fiscal 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.