Cadence Design Systems, Inc. $CDNS Position Boosted by Candriam S.C.A.

Key Points

• Candriam S.C.A. increased its Cadence Design Systems stake by 11.7% in the third quarter, bringing its holdings to 311,375 shares valued at about $103.2 million. Institutional investors and hedge funds collectively own 84.85% of the stock.
• Cadence beat quarterly expectations, reporting earnings of $2.11 per share versus $2.05 expected and revenue of $1.63 billion versus $1.61 billion expected; revenue rose 22% year over year.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $410.05. Recent ratings include 18 Buys, one Strong Buy, and three Holds.

Candriam S.C.A. raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 11.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 311,375 shares of the software maker's stock after purchasing an additional 32,647 shares during the period. Candriam S.C.A. owned 0.11% of Cadence Design Systems worth $103,187,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CDNS. Whipplewood Advisors LLC raised its position in shares of Cadence Design Systems by 933.3% during the 1st quarter. Whipplewood Advisors LLC now owns 93 shares of the software maker's stock worth $26,000 after purchasing an additional 84 shares during the last quarter. Avalon Trust Co purchased a new stake in Cadence Design Systems in the 2nd quarter valued at approximately $30,000. Burkett Financial Services LLC acquired a new stake in Cadence Design Systems during the 3rd quarter valued at $30,000. Fiduciary Financial Advisors acquired a new stake in Cadence Design Systems during the 2nd quarter valued at $31,000. Finally, Balance Wealth Partners LLC acquired a new stake in Cadence Design Systems during the 3rd quarter valued at $32,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $285.51, for a total transaction of $51,391.80. Following the completion of the transaction, the director owned 7,824 shares of the company's stock, valued at $2,233,830.24. This represents a 2.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Scannell sold 280 shares of the company's stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $339.00, for a total transaction of $94,920.00. Following the transaction, the vice president directly owned 31,720 shares of the company's stock, valued at approximately $10,753,080. This represents a 0.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 8,960 shares of company stock valued at $2,834,139 in the last quarter. Corporate insiders own 0.49% of the company's stock.

Analyst Upgrades and Downgrades

CDNS has been the subject of several recent research reports. Benchmark reissued a "buy" rating on shares of Cadence Design Systems in a research report on Tuesday, July 28th. Mizuho set a $400.00 price objective on Cadence Design Systems in a research report on Tuesday, October 27th. Weiss Ratings lowered Cadence Design Systems from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday. Rothschild & Co Redburn increased their price objective on Cadence Design Systems from $385.00 to $395.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. Finally, Oppenheimer reiterated a "market perform" rating and set a $300.00 price objective (up from $275.00) on shares of Cadence Design Systems in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $410.05.

Cadence Design Systems Trading Up 2.7%

Shares of Cadence Design Systems stock opened at $319.92 on Friday. Cadence Design Systems, Inc. has a fifty-two week low of $262.75 and a fifty-two week high of $416.69. The firm has a market cap of $87.78 billion, a PE ratio of 63.60, a P/E/G ratio of 3.03 and a beta of 1.10. The business's fifty day moving average is $319.83 and its two-hundred day moving average is $327.44. The company has a quick ratio of 1.18, a current ratio of 1.36 and a debt-to-equity ratio of 0.29.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, beating analysts' consensus estimates of $2.05 by $0.06. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The business's revenue for the quarter was up 22.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.93 earnings per share. Analysts anticipate that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current year.

About Cadence Design Systems

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.

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