Banque Transatlantique SA Purchases Shares of 14,722 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Banque Transatlantique SA purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,722 shares of the software maker's stock, valued at approximately $4,457,000.

Several other hedge funds also recently added to or reduced their stakes in CDNS. Avior Wealth Management LLC raised its holdings in shares of Cadence Design Systems by 12.4% in the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker's stock worth $98,000 after acquiring an additional 36 shares during the last quarter. Accredited Investors Inc. raised its stake in Cadence Design Systems by 1.7% in the 4th quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock valued at $654,000 after purchasing an additional 36 shares during the last quarter. Lindbrook Capital LLC lifted its holdings in Cadence Design Systems by 1.7% in the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock valued at $670,000 after purchasing an additional 38 shares in the last quarter. Oarsman Capital Inc. boosted its stake in shares of Cadence Design Systems by 3.8% during the 4th quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock worth $313,000 after purchasing an additional 38 shares during the last quarter. Finally, Empower Advisory Group LLC grew its holdings in shares of Cadence Design Systems by 4.9% during the fourth quarter. Empower Advisory Group LLC now owns 875 shares of the software maker's stock worth $263,000 after buying an additional 41 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several recent analyst reports. StockNews.com downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. Piper Sandler increased their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 19th. Redburn Atlantic initiated coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a "buy" rating and a $350.00 price target for the company. Finally, Robert W. Baird increased their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $322.54.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $303.00, for a total value of $196,950.00. Following the completion of the transaction, the vice president now directly owns 108,149 shares of the company's stock, valued at approximately $32,769,147. The trade was a 0.60 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the sale, the chief executive officer now owns 209,548 shares in the company, valued at approximately $64,959,880. This trade represents a 4.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,577 shares of company stock valued at $5,316,411 in the last quarter. Insiders own 0.37% of the company's stock.

Cadence Design Systems Stock Down 0.8 %

Shares of NASDAQ CDNS traded down $2.57 on Friday, hitting $305.39. The company had a trading volume of 950,088 shares, compared to its average volume of 1,958,197. The business has a 50 day moving average of $263.05 and a two-hundred day moving average of $284.14. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $83.38 billion, a P/E ratio of 79.12, a PEG ratio of 3.88 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Cadence Design Systems's quarterly revenue was up 23.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.17 EPS. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal 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.