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Pictet Asset Management Holding SA Has $518.92 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cadence Design Systems logo with Computer and Technology background

Pictet Asset Management Holding SA lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 18.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,040,241 shares of the software maker's stock after selling 455,079 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.74% of Cadence Design Systems worth $518,920,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of CDNS. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in shares of Cadence Design Systems by 8.8% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,355 shares of the software maker's stock valued at $601,000 after acquiring an additional 190 shares during the period. Jennison Associates LLC boosted its holdings in shares of Cadence Design Systems by 13.2% in the first 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 in the last quarter. Bailard Inc. boosted its holdings in shares of Cadence Design Systems by 2.7% in the first quarter. Bailard Inc. now owns 17,673 shares of the software maker's stock valued at $4,495,000 after acquiring an additional 470 shares in the last quarter. Concord Wealth Partners boosted its holdings in shares of Cadence Design Systems by 5.7% in the first quarter. Concord Wealth Partners now owns 4,834 shares of the software maker's stock valued at $1,229,000 after acquiring an additional 261 shares in the last quarter. Finally, Verdence Capital Advisors LLC boosted its holdings in Cadence Design Systems by 30.8% during the first quarter. Verdence Capital Advisors LLC now owns 2,550 shares of the software maker's stock worth $649,000 after buying an additional 600 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Insider Activity

In other news, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $306.35, for a total value of $306,350.00. Following the completion of the transaction, the vice president owned 105,499 shares in the company, valued at $32,319,618.65. This represents a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Scannell sold 4,710 shares of the company's stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the completion of the transaction, the vice president owned 28,442 shares of the company's stock, valued at $8,532,600. This trade represents a 14.21% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,975 shares of company stock valued at $6,114,587. 1.99% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CDNS. Bank of America boosted their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. KeyCorp restated an "overweight" rating and set a $358.00 price target (up previously from $340.00) on shares of Cadence Design Systems in a report on Thursday, July 10th. Mizuho raised their price target on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Rosenblatt Securities lifted their target price on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a report on Tuesday, April 29th. Finally, Wall Street Zen upgraded shares of Cadence Design Systems from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $330.07.

View Our Latest Report on CDNS

Cadence Design Systems Trading Down 1.6%

Shares of CDNS traded down $5.29 on Friday, reaching $315.57. 1,390,857 shares of the company's stock were exchanged, compared to its average volume of 2,021,785. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $86.16 billion, a P/E ratio of 79.89, a price-to-earnings-growth ratio of 4.46 and a beta of 0.99. The business has a 50 day moving average price of $308.81 and a two-hundred day moving average price of $287.99. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $330.09.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. Cadence Design Systems's revenue for the quarter was up 23.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.17 earnings per share. Research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Cadence Design Systems Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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