Robeco Institutional Asset Management B.V. Reduces Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Robeco Institutional Asset Management B.V. lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 91.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 44,616 shares of the software maker's stock after selling 484,671 shares during the quarter. Robeco Institutional Asset Management B.V.'s holdings in Cadence Design Systems were worth $11,347,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CDNS. Norges Bank acquired a new position in Cadence Design Systems during the 4th quarter valued at approximately $1,170,209,000. GAMMA Investing LLC grew its holdings in shares of Cadence Design Systems by 31,049.1% during the first quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker's stock valued at $309,835,000 after buying an additional 1,214,330 shares during the last quarter. Schroder Investment Management Group increased its position in shares of Cadence Design Systems by 53.1% in the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock valued at $623,105,000 after acquiring an additional 716,041 shares during the period. FMR LLC increased its position in shares of Cadence Design Systems by 8.7% in the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after acquiring an additional 639,146 shares during the period. Finally, Alliancebernstein L.P. raised its stake in Cadence Design Systems by 12.5% in the 4th 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 last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CDNS shares. Bank of America boosted their price target on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. Wells Fargo & Company increased their price target on shares of Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Robert W. Baird raised their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research 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 on the stock in a report on Wednesday, March 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $325.23.

Insider Buying and Selling

In other news, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction that occurred on 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 in the company, valued at $2,435,040. This trade represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 1,000 shares of the business's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $302.00, for a total value of $302,000.00. Following the sale, the vice president owned 106,499 shares of the company's stock, valued at $32,162,698. The trade was a 0.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,625 shares of company stock worth $5,972,453 in the last quarter. 0.37% of the stock is owned by insiders.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded up $2.95 on Monday, reaching $308.15. The company's stock had a trading volume of 1,743,095 shares, compared to its average volume of 2,022,274. 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 $84.14 billion, a P/E ratio of 78.01, a PEG ratio of 4.23 and a beta of 0.99. The stock has a 50-day moving average price of $300.72 and a 200-day moving average price of $286.35. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $326.19.

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