J. Safra Sarasin Holding AG Lowers Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• J. Safra Sarasin Holding AG decreased its stake in Cadence Design Systems by 4.3%, selling 4,429 shares, leaving them with 97,524 shares worth approximately $24.8 million.
• Several institutional investors, including GAMMA Investing LLC and Jennison Associates LLC, made significant increases to their positions in Cadence Design Systems, indicating a strong institutional interest in the stock.
• Cadence Design Systems reported earnings of $1.65 per share for the last quarter, surpassing analysts' estimates, with revenue growth of 20.2% year-over-year.

J. Safra Sarasin Holding AG lowered its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 4.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 97,524 shares of the software maker's stock after selling 4,429 shares during the period. J. Safra Sarasin Holding AG's holdings in Cadence Design Systems were worth $24,803,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Jennison Associates LLC boosted its position 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 worth $2,305,489,000 after buying an additional 1,054,702 shares during the period. FMR LLC boosted its holdings in Cadence Design Systems by 8.7% during the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after purchasing an additional 639,146 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Cadence Design Systems by 10.7% during the fourth 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 purchasing an additional 427,418 shares in the last quarter. Northern Trust Corp boosted 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 worth $911,282,000 after acquiring an additional 421,507 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted 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 worth $882,655,000 after acquiring an additional 601,834 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insiders Place Their Bets

In related news, Director Ita M. Brennan sold 180 shares of the stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the transaction, the director directly owned 8,010 shares of the company's stock, valued at $2,435,040. This represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction that occurred 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 sale, the vice president directly owned 104,499 shares in the company, valued at approximately $37,485,881.28. The trade was a 0.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,698 shares of company stock valued at $1,485,387 in the last quarter. Insiders own 0.37% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on CDNS. Piper Sandler restated a "neutral" rating and issued a $355.00 price objective (up previously from $328.00) on shares of Cadence Design Systems in a research report on Tuesday, July 29th. Wells Fargo & Company increased their price target on shares of Cadence Design Systems from $365.00 to $405.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Stifel Nicolaus raised their target price on shares of Cadence Design Systems from $350.00 to $395.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. Wall Street Zen cut Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Finally, The Goldman Sachs Group assumed coverage on shares of Cadence Design Systems in a report on Thursday, July 10th. They issued a "buy" rating and a $380.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and an average target price of $364.33.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded down $1.34 on Wednesday, hitting $359.16. 465,569 shares of the company traded hands, compared to its average volume of 2,082,269. The firm's 50-day simple moving average is $315.17 and its 200 day simple moving average is $291.58. The company has a current ratio of 2.82, a quick ratio of 2.67 and a debt-to-equity ratio of 0.49. The company has a market cap of $97.87 billion, a P/E ratio of 97.11, a P/E/G ratio of 4.79 and a beta of 0.97. 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 issued its earnings results on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, topping analysts' consensus estimates of $1.56 by $0.09. The company had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.25 billion. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The firm's revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.28 EPS. Analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

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.