Lbp Am Sa Decreases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Lbp Am Sa lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 4.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 125,464 shares of the software maker's stock after selling 5,377 shares during the period. Lbp Am Sa's holdings in Cadence Design Systems were worth $31,909,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in CDNS. Norges Bank acquired a new stake in shares of Cadence Design Systems in the fourth quarter worth $1,170,209,000. GAMMA Investing LLC increased its stake in shares of Cadence Design Systems by 31,049.1% in the first quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker's stock worth $309,835,000 after acquiring an additional 1,214,330 shares during the period. Schroder Investment Management Group increased its stake in shares of Cadence Design Systems by 53.1% in the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock worth $623,105,000 after acquiring an additional 716,041 shares during the period. FMR LLC increased its stake in shares of Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock worth $2,397,266,000 after acquiring an additional 639,146 shares during the period. Finally, Alliancebernstein L.P. increased its stake in shares of Cadence Design Systems by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock worth $1,705,469,000 after acquiring an additional 632,175 shares during the period. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Up 0.9%

Shares of NASDAQ:CDNS opened at $323.28 on Wednesday. The company has a market capitalization of $88.27 billion, a PE ratio of 81.84, a P/E/G ratio of 4.44 and a beta of 0.99. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $330.09. The firm has a 50 day simple moving average of $306.62 and a 200-day simple moving average of $287.10.

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

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 4,710 shares of the company's stock in a transaction 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 in the company, valued at approximately $8,532,600. This represents a 14.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of the company's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the transaction, the chief executive officer owned 209,548 shares of the company's stock, valued at approximately $64,959,880. The trade was a 4.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,975 shares of company stock worth $6,114,587 in the last 90 days. Corporate insiders own 0.37% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on CDNS. Bank of America raised their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Oppenheimer dropped their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 19th. 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 research report on Tuesday, April 29th. Needham & Company LLC restated a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Finally, Wells Fargo & Company lifted their target price on shares of Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and an average target price 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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