Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Gulf International Bank UK Ltd

Key Points

• Gulf International Bank UK Ltd reduced its holdings in Cadence Design Systems by 25.2%, now owning 15,972 shares valued at approximately $4 million.
• Multiple institutional investors including Vanguard Group Inc. and Jennison Associates LLC increased their holdings, indicating strong interest in Cadence's performance.
• Cadence Design Systems reported a quarterly revenue of $1.28 billion, exceeding analysts' expectations, with an EPS of $1.65, which is up from the previous year's EPS of $1.28.

Gulf International Bank UK Ltd trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 25.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,972 shares of the software maker's stock after selling 5,374 shares during the period. Gulf International Bank UK Ltd's holdings in Cadence Design Systems were worth $4,062,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Cadence Design Systems by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker's stock valued at $6,698,834,000 after acquiring an additional 429,955 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Cadence Design Systems by 13.2% in the 1st quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker's stock valued at $2,305,489,000 after acquiring an additional 1,054,702 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Cadence Design Systems by 10.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,416,269 shares of the software maker's stock valued at $1,326,912,000 after acquiring an additional 427,418 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Cadence Design Systems by 16.1% in the 4th quarter. Northern Trust Corp now owns 3,032,957 shares of the software maker's stock valued at $911,282,000 after acquiring an additional 421,507 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Cadence Design Systems by 25.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker's stock valued at $882,655,000 after acquiring an additional 601,834 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cadence Design Systems

In other news, Director Ita M. Brennan sold 180 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the transaction, the director owned 8,010 shares of the company's stock, valued at approximately $2,435,040. This represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $358.72, for a total value of $358,720.00. Following the completion of the transaction, the vice president directly owned 104,499 shares of the company's stock, valued at approximately $37,485,881.28. The trade was a 0.95% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,698 shares of company stock valued at $1,485,387. 1.99% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CDNS. Mizuho boosted their price target on Cadence Design Systems from $360.00 to $375.00 and gave the company an "outperform" rating in a report on Tuesday, July 29th. JPMorgan Chase & Co. boosted their price target on Cadence Design Systems from $330.00 to $390.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. Piper Sandler reiterated a "neutral" rating and issued a $355.00 price target (up from $328.00) on shares of Cadence Design Systems in a report on Tuesday, July 29th. Rosenblatt Securities reiterated a "neutral" rating and issued a $300.00 price target on shares of Cadence Design Systems in a report on Friday, July 25th. Finally, The Goldman Sachs Group began coverage on Cadence Design Systems in a report on Thursday, July 10th. They issued a "buy" rating and a $380.00 price target for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus target price of $364.33.

Cadence Design Systems Price Performance

Shares of CDNS opened at $349.12 on Thursday. The company has a market cap of $95.13 billion, a P/E ratio of 94.36, a PEG ratio of 4.64 and a beta of 0.97. The stock has a fifty day moving average price of $322.77 and a 200 day moving average price of $293.26. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.67. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $376.45.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.09. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. The company had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $1.25 billion. During the same quarter in the prior year, the business posted $1.28 earnings per share. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. On average, research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.

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