Temasek Holdings Private Ltd Trims Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Temasek Holdings Private Ltd trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 81.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,251 shares of the software maker's stock after selling 100,728 shares during the quarter. Temasek Holdings Private Ltd's holdings in Cadence Design Systems were worth $6,686,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Golden State Wealth Management LLC acquired a new position in Cadence Design Systems during the fourth quarter worth $28,000. Ancora Advisors LLC increased its stake in shares of Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after buying an additional 112 shares in the last quarter. Avalon Trust Co acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at $39,000. OFI Invest Asset Management acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at $46,000. Finally, Synergy Investment Management LLC acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at $50,000. 84.85% of the stock is owned by institutional investors.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, Director James D. Plummer sold 868 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the transaction, the director now owns 23,996 shares of the company's stock, valued at $7,677,520.20. This represents a 3.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Anirudh Devgan sold 10,737 shares of the company'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 transaction, the chief executive officer now directly owns 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. In the last quarter, insiders sold 18,445 shares of company stock valued at $5,594,127. Corporate insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Performance

CDNS traded down $3.00 during trading on Wednesday, hitting $317.55. The stock had a trading volume of 1,869,304 shares, compared to its average volume of 1,979,657. The company has a 50 day moving average price of $275.36 and a 200-day moving average price of $287.10. The firm has a market cap of $86.70 billion, a price-to-earnings ratio of 82.27, a P/E/G ratio of 3.88 and a beta of 1.04. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company's revenue was up 23.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.17 EPS. As a group, research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Wall Street Analysts Forecast Growth

CDNS has been the subject of a number of research reports. Bank of America raised their target price 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. Needham & Company LLC reiterated a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a report on Tuesday, May 13th. Rosenblatt Securities lifted their target price on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research report on Tuesday, April 29th. Wells Fargo & Company boosted their price target on Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Finally, Mizuho boosted their price target on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $325.23.

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.