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

Zurcher Kantonalbank Zurich Cantonalbank grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 209,463 shares of the software maker’s stock after purchasing an additional 8,570 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Cadence Design Systems were worth $62,935,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in CDNS. Sound View Wealth Advisors Group LLC boosted its position in Cadence Design Systems by 22.7% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 1,458 shares of the software maker’s stock worth $438,000 after purchasing an additional 270 shares during the period. Retirement Solution LLC purchased a new position in shares of Cadence Design Systems during the fourth quarter worth approximately $1,077,000. OFI Invest Asset Management purchased a new position in shares of Cadence Design Systems during the fourth quarter worth approximately $46,000. Amundi increased its stake in shares of Cadence Design Systems by 14.2% in the fourth quarter. Amundi now owns 1,567,662 shares of the software maker’s stock worth $474,315,000 after buying an additional 194,563 shares during the period. Finally, Dorsey & Whitney Trust CO LLC increased its stake in shares of Cadence Design Systems by 2.2% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 5,402 shares of the software maker’s stock worth $1,623,000 after buying an additional 116 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

CDNS opened at $243.21 on Monday. The firm has a market capitalization of $66.67 billion, a PE ratio of 63.01, a PEG ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a twelve month low of $233.72 and a twelve month high of $328.99. The firm’s 50-day moving average price is $288.68 and its 200 day moving average price is $285.45. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53.

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

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Needham & Company LLC reissued a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Bank of America dropped their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Mizuho upped their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Robert W. Baird decreased their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. Finally, Rosenblatt Securities upped their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $326.92.

Insiders Place Their Bets

In related news, CFO John M. Wall sold 4,224 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total value of $1,305,342.72. Following the transaction, the chief financial officer now owns 29,248 shares in the company, valued at approximately $9,038,509.44. This trade represents a 12.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the sale, the chief executive officer now owns 55,874 shares in the company, valued at $16,987,930.96. This represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 108,416 shares of company stock worth $33,504,126. 1.99% of the stock is owned by insiders.

Cadence Design Systems Company 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.