Robocap Asset Management Ltd Reduces Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Robocap Asset Management Ltd trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 13.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 18,203 shares of the software maker's stock after selling 2,800 shares during the quarter. Cadence Design Systems makes up approximately 3.5% of Robocap Asset Management Ltd's investment portfolio, making the stock its 16th largest position. Robocap Asset Management Ltd's holdings in Cadence Design Systems were worth $4,630,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. Highview Capital Management LLC DE grew its holdings in Cadence Design Systems by 3.5% in the 1st quarter. Highview Capital Management LLC DE now owns 6,522 shares of the software maker's stock valued at $1,659,000 after buying an additional 218 shares in the last quarter. Ninety One UK Ltd grew its holdings in Cadence Design Systems by 4.2% in the 1st quarter. Ninety One UK Ltd now owns 195,526 shares of the software maker's stock valued at $49,728,000 after buying an additional 7,808 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Cadence Design Systems by 85.3% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 8,270 shares of the software maker's stock valued at $2,103,000 after buying an additional 3,807 shares in the last quarter. Interchange Capital Partners LLC grew its holdings in Cadence Design Systems by 26.2% in the 1st quarter. Interchange Capital Partners LLC now owns 2,079 shares of the software maker's stock valued at $529,000 after buying an additional 432 shares in the last quarter. Finally, Crossmark Global Holdings Inc. grew its holdings in Cadence Design Systems by 1.6% in the 1st quarter. Crossmark Global Holdings Inc. now owns 15,419 shares of the software maker's stock valued at $3,922,000 after buying an additional 243 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 10,737 shares of the business's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the sale, the chief executive officer directly owned 209,548 shares of the company's stock, valued at $64,959,880. The trade was a 4.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ita M. Brennan sold 180 shares of the business'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 sale, 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 disclosure for this sale can be found here. Insiders have sold a total of 19,975 shares of company stock worth $6,114,587 over the last 90 days. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $320.02 on Tuesday. The stock has a 50 day moving average price of $306.20 and a 200 day moving average price of $286.85. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $330.09. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. The stock has a market capitalization of $87.38 billion, a PE ratio of 80.93, a price-to-earnings-growth ratio of 4.53 and a beta of 0.99.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Wells Fargo & Company increased their price target on Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Robert W. Baird raised their price target on Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. KeyCorp raised their price target on Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Needham & Company LLC restated a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a research note on Tuesday, May 13th. Finally, JPMorgan Chase & Co. upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, Cadence Design Systems currently has an average rating of "Moderate Buy" and a consensus price target of $325.23.

Cadence Design Systems 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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