Covea Finance Trims Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Covea Finance trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 8.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,261 shares of the software maker's stock after selling 4,737 shares during the period. Covea Finance's holdings in Cadence Design Systems were worth $13,037,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of CDNS. Brighton Jones LLC grew its position in shares of Cadence Design Systems by 80.2% during the 4th quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock valued at $456,000 after purchasing an additional 676 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new position in shares of Cadence Design Systems during the 4th quarter valued at $9,958,000. Allworth Financial LP grew its position in shares of Cadence Design Systems by 83.0% during the 4th quarter. Allworth Financial LP now owns 1,422 shares of the software maker's stock valued at $457,000 after purchasing an additional 645 shares in the last quarter. Highview Capital Management LLC DE grew its position in shares of Cadence Design Systems by 2.7% during the 4th quarter. Highview Capital Management LLC DE now owns 6,304 shares of the software maker's stock valued at $1,894,000 after purchasing an additional 163 shares in the last quarter. Finally, D.A. Davidson & CO. grew its position in shares of Cadence Design Systems by 77.3% during the 4th quarter. D.A. Davidson & CO. now owns 2,915 shares of the software maker's stock valued at $876,000 after purchasing an additional 1,271 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Anirudh Devgan sold 10,737 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the completion of the transaction, the chief executive officer now directly owns 209,548 shares of the company's stock, valued at approximately $64,959,880. This represents a 4.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the transaction, the vice president now owns 108,799 shares in the company, valued at $27,486,979.36. This represents a 0.59% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,625 shares of company stock valued at $5,972,453. Insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $295.40 on Friday. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $80.66 billion, a PE ratio of 74.78, a P/E/G ratio of 4.11 and a beta of 0.98. The firm has a fifty day simple moving average of $296.88 and a two-hundred day simple moving average of $287.01. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $326.19.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating the consensus estimate of $1.50 by $0.07. The firm 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%. The company's quarterly revenue was up 23.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.17 earnings per share. Research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analysts Set New Price Targets

CDNS has been the subject of a number of research analyst reports. Bank of America lifted their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Robert W. Baird lifted 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. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. Mizuho lifted their price objective on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Finally, Oppenheimer dropped their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $325.23.

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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