Deutsche Bank AG Has $386.44 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Deutsche Bank AG has increased its stake in Cadence Design Systems by 21.5%, owning about 1.52 million shares valued at approximately $386.44 million.
• Cadence reported an earnings per share (EPS) of $1.65 for the last quarter, exceeding expectations by $0.09, with a year-over-year revenue increase of 20.2%.
• Analysts have a positive outlook on Cadence, with twelve buy ratings, and the average target price set at $364.33.

Deutsche Bank AG increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 21.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,519,446 shares of the software maker's stock after purchasing an additional 269,041 shares during the period. Deutsche Bank AG owned 0.56% of Cadence Design Systems worth $386,441,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Smallwood Wealth Investment Management LLC bought a new stake in shares of Cadence Design Systems during the first quarter worth $25,000. Costello Asset Management INC acquired a new stake in Cadence Design Systems in the first quarter worth about $25,000. Valley National Advisers Inc. raised its holdings in Cadence Design Systems by 707.1% during the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock worth $28,000 after purchasing an additional 99 shares during the last quarter. Ancora Advisors LLC raised its holdings in Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after purchasing an additional 112 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its position in Cadence Design Systems by 36.5% during the 1st quarter. Meeder Asset Management Inc. now owns 172 shares of the software maker's stock valued at $44,000 after purchasing an additional 46 shares during the period. Institutional investors and hedge funds own 84.85% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CDNS. Wall Street Zen cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Mizuho lifted their target price on shares of Cadence Design Systems from $360.00 to $375.00 and gave the stock an "outperform" rating in a report on Tuesday, July 29th. Needham & Company LLC upped their target price on shares of Cadence Design Systems from $325.00 to $390.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. Loop Capital raised their price target on Cadence Design Systems from $370.00 to $390.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Finally, Stifel Nicolaus lifted their price objective on Cadence Design Systems from $350.00 to $395.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $364.33.

Cadence Design Systems Trading Down 1.6%

NASDAQ CDNS opened at $354.33 on Friday. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $376.45. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.67. The firm has a market cap of $96.55 billion, a P/E ratio of 95.77, a P/E/G ratio of 4.73 and a beta of 0.97. The stock's 50-day moving average is $316.60 and its 200-day moving average is $292.05.

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

Insider Buying and Selling

In related news, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction on Friday, August 1st. The shares were 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. This represents a 0.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ita M. Brennan sold 180 shares of the stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the transaction, the director owned 8,010 shares of the company's stock, valued at approximately $2,435,040. This trade represents a 2.20% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,698 shares of company stock worth $1,485,387 over the last ninety days. Company insiders own 1.99% of the company's stock.

Cadence Design Systems Company 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.

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