Lombard Odier Asset Management Switzerland SA Sells 3,142 Shares of Cadence Design Systems, Inc. $CDNS

Key Points

• Lombard Odier Asset Management Switzerland SA reduced its Cadence Design Systems stake by 23.6%, selling 3,142 shares and retaining 10,167 shares valued at approximately $2.83 million. Institutional investors collectively own 84.85% of the company.
• Wall Street remains broadly positive on CDNS, with an average “Moderate Buy” rating and a consensus price target of $393.65; recent targets range from $410 to $450.
• Cadence exceeded quarterly expectations, reporting $1.96 in earnings per share and $1.47 billion in revenue, up 18.6% year over year. However, insiders sold 157,057 shares worth about $60.3 million over the past three months.

Lombard Odier Asset Management Switzerland SA trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 23.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,167 shares of the software maker's stock after selling 3,142 shares during the quarter. Lombard Odier Asset Management Switzerland SA's holdings in Cadence Design Systems were worth $2,825,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Whipplewood Advisors LLC grew its stake in Cadence Design Systems by 933.3% in the 1st quarter. Whipplewood Advisors LLC now owns 93 shares of the software maker's stock valued at $26,000 after purchasing an additional 84 shares during the period. Brown Lisle Cummings Inc. raised its position in shares of Cadence Design Systems by 860.0% in the first quarter. Brown Lisle Cummings Inc. now owns 96 shares of the software maker's stock valued at $27,000 after purchasing an additional 86 shares during the period. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth $28,000. Swiss RE Ltd. bought a new position in Cadence Design Systems in the 4th quarter worth about $29,000. Finally, Lodestone Wealth Management LLC bought a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $30,000. 84.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on CDNS shares. Weiss Ratings restated a "hold (c)" rating on shares of Cadence Design Systems in a research report on Thursday, July 2nd. KeyCorp lifted their target price on shares of Cadence Design Systems from $405.00 to $425.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 28th. Rosenblatt Securities boosted their price objective on Cadence Design Systems from $375.00 to $410.00 and gave the company a "buy" rating in a research report on Tuesday, July 14th. Berenberg Bank set a $440.00 target price on shares of Cadence Design Systems in a report on Wednesday, May 27th. Finally, Benchmark began coverage on shares of Cadence Design Systems in a report on Wednesday, July 15th. They issued a "buy" rating and a $450.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, Cadence Design Systems currently has an average rating of "Moderate Buy" and an average price target of $393.65.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $326.24 on Monday. The company has a market capitalization of $89.98 billion, a price-to-earnings ratio of 76.05, a price-to-earnings-growth ratio of 3.86 and a beta of 1.15. The business's fifty day simple moving average is $373.92 and its two-hundred day simple moving average is $329.47. Cadence Design Systems, Inc. has a 12 month low of $262.75 and a 12 month high of $416.69. The company has a current ratio of 1.47, a quick ratio of 1.32 and a debt-to-equity ratio of 0.38.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Monday, April 27th. The software maker reported $1.96 EPS for the quarter, topping analysts' consensus estimates of $1.91 by $0.05. The business had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.46 billion. Cadence Design Systems had a return on equity of 28.44% and a net margin of 21.18%.The business's quarterly revenue was up 18.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.57 earnings per share. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 6.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director James D. Plummer sold 1,511 shares of the company's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $381.34, for a total transaction of $576,204.74. Following the transaction, the director directly owned 23,264 shares in the company, valued at approximately $8,871,493.76. This represents a 6.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Scannell sold 10,500 shares of the company's stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $339.00, for a total value of $3,559,500.00. Following the transaction, the vice president directly owned 33,946 shares in the company, valued at approximately $11,507,694. This represents a 23.62% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 157,057 shares of company stock worth $60,272,277 in the last three months. Corporate insiders own 0.49% of the company's stock.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc NASDAQ: CDNS is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company's offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.

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