Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.4% during the 4th quarter, Holdings Channel reports. The fund owned 118,688 shares of the software maker’s stock after selling 4,220 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Cadence Design Systems were worth $32,327,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. OFI Invest Asset Management acquired a new stake in Cadence Design Systems in the third quarter valued at approximately $26,000. Valley National Advisers Inc. raised its holdings 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 valued at $26,000 after acquiring an additional 47 shares in the last quarter. Fortitude Family Office LLC acquired a new stake in Cadence Design Systems in the fourth quarter valued at approximately $28,000. Atlas Capital Advisors LLC raised its holdings in Cadence Design Systems by 322.6% during 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 in the last quarter. Finally, Zions Bancorporation N.A. raised its holdings in Cadence Design Systems by 108.3% during the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock worth $37,000 after purchasing an additional 117 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Piper Sandler assumed coverage on shares of Cadence Design Systems in a report on Thursday, April 4th. They set a “neutral” rating and a $334.00 price objective on the stock. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Needham & Company LLC reissued a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Wednesday, March 6th. Rosenblatt Securities cut shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $265.00 to $280.00 in a report on Tuesday, February 13th. Finally, Wells Fargo & Company raised their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $316.10.

Insider Activity at Cadence Design Systems

In related news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems 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 transaction, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems 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 transaction, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the transaction, the vice president now owns 61,150 shares in the company, valued at $18,583,485. The disclosure for this sale can be found here. Insiders have sold a total of 212,044 shares of company stock worth $63,106,522 in the last three months. Insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems 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 stock has a market capitalization of $81.95 billion, a price-to-earnings ratio of 78.75, a PEG ratio of 3.66 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 debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13.

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

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.