E Fund Management Co. Ltd. Has $1.26 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

E Fund Management Co. Ltd. decreased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,622 shares of the software maker’s stock after selling 412 shares during the period. E Fund Management Co. Ltd.’s holdings in Cadence Design Systems were worth $1,259,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. DekaBank Deutsche Girozentrale grew its position in Cadence Design Systems by 34.5% during the third quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock valued at $91,775,000 after buying an additional 99,251 shares during the period. Miracle Mile Advisors LLC purchased a new position in Cadence Design Systems during the fourth quarter worth about $934,000. Pacer Advisors Inc. raised its stake in Cadence Design Systems by 9.4% in the fourth quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock valued at $11,006,000 after purchasing an additional 3,484 shares in the last quarter. Patton Fund Management Inc. purchased a new stake in shares of Cadence Design Systems during the 4th quarter valued at $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc purchased a new position in shares of Cadence Design Systems in the 4th quarter worth about $55,443,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 1.0 %

CDNS stock traded up $2.71 during midday trading on Thursday, hitting $285.28. The stock had a trading volume of 1,001,184 shares, compared to its average volume of 1,560,060. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The firm has a market cap of $77.63 billion, a price-to-earnings ratio of 73.59, a price-to-earnings-growth ratio of 3.32 and a beta of 1.06. The business has a 50-day moving average of $301.33 and a two-hundred day moving average of $283.20. Cadence Design Systems, Inc. has a 52-week low of $198.92 and a 52-week high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.02 EPS. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently commented on CDNS shares. Robert W. Baird lifted their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Stifel Nicolaus increased their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Needham & Company LLC reiterated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Friday, April 19th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. Finally, Piper Sandler dropped their price objective on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday, April 23rd. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $326.11.

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 1,454 shares of Cadence Design Systems stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the completion of the sale, the chief executive officer now owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,454 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $441,870.60. Following the completion of the sale, the chief executive officer now directly owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Aneel Zaman sold 1,207 shares of the business’s 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 sale, the vice president now directly owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The disclosure for this sale can be found here. Insiders have sold a total of 173,066 shares of company stock worth $52,199,975 over the last quarter. Company insiders own 0.62% of the company’s stock.

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.