Cadence Design Systems, Inc. $CDNS Shares Sold by Eurizon Capital SGR S.p.A.

Eurizon Capital SGR S.p.A. cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 161,901 shares of the software maker’s stock after selling 17,374 shares during the period. Eurizon Capital SGR S.p.A.’s holdings in Cadence Design Systems were worth $53,441,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Van ECK Associates Corp boosted its holdings in Cadence Design Systems by 21.8% in the second quarter. Van ECK Associates Corp now owns 4,889,765 shares of the software maker’s stock valued at $1,835,227,000 after purchasing an additional 874,392 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Cadence Design Systems by 1.5% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,385,655 shares of the software maker’s stock valued at $1,270,704,000 after buying an additional 48,937 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Cadence Design Systems by 1,097.5% in the third quarter. Assenagon Asset Management S.A. now owns 2,818,141 shares of the software maker’s stock valued at $930,522,000 after acquiring an additional 2,582,812 shares during the period. Pictet Asset Management Holding SA grew its position in Cadence Design Systems by 118.5% during the 3rd quarter. Pictet Asset Management Holding SA now owns 2,752,620 shares of the software maker’s stock worth $908,709,000 after purchasing an additional 1,493,024 shares during the last quarter. Finally, Legal & General Group Plc purchased a new stake in shares of Cadence Design Systems during the second quarter worth approximately $702,615,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $323.01 on Friday. The stock has a market cap of $88.63 billion, a price-to-earnings ratio of 64.22, a PEG ratio of 3.16 and a beta of 1.10. Cadence Design Systems, Inc. has a one year low of $262.75 and a one year high of $416.69. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.18. The company has a 50-day moving average of $320.83 and a two-hundred day moving average of $327.76.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.06. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the prior year, the company posted $1.93 earnings per share. The firm’s revenue was up 22.0% on a year-over-year basis. On average, equities research analysts expect that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Oppenheimer reissued a “market perform” rating and issued a $300.00 target price (up from $275.00) on shares of Cadence Design Systems in a report on Tuesday, July 28th. Rothschild & Co Redburn increased their price objective on shares of Cadence Design Systems from $385.00 to $395.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. JPMorgan Chase & Co. raised their price target on shares of Cadence Design Systems from $405.00 to $420.00 and gave the company an “overweight” rating in a report on Tuesday, October 27th. Benchmark restated a “buy” rating on shares of Cadence Design Systems in a research note on Tuesday, July 28th. Finally, Citigroup raised their target price on Cadence Design Systems from $400.00 to $420.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $410.05.

Insider Activity at Cadence Design Systems

In related news, VP Paul Scannell sold 2,401 shares of the firm’s stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $339.00, for a total value of $813,939.00. Following the completion of the sale, the vice president owned 27,763 shares of the company’s stock, valued at $9,411,657. This trade represents a 7.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $320.88, for a total transaction of $401,100.00. Following the sale, the director owned 40,794 shares of the company’s stock, valued at approximately $13,089,978.72. This represents a 2.97% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 11,736 shares of company stock worth $3,772,365 in the last ninety days. Company insiders own 0.49% of the company’s stock.

Cadence Design Systems Profile

Cadence Design Systems, Inc. develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards. The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.