Zevenbergen Capital Investments LLC Reduces Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Zevenbergen Capital Investments LLC has reduced its holdings in Cadence Design Systems by 72.5%, selling 113,398 shares, and now owns 43,025 shares valued at approximately $10.94 million.
• Several institutional investors, including GAMMA Investing LLC and Jennison Associates LLC, have significantly increased their positions in Cadence Design Systems during the first quarter.
• Cadence Design Systems reported better-than-expected earnings of $1.65 per share, surpassing analysts' estimates of $1.56, with quarterly revenue reaching $1.28 billion and a net margin of 19.88%.

Zevenbergen Capital Investments LLC lessened its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 72.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 43,025 shares of the software maker's stock after selling 113,398 shares during the period. Zevenbergen Capital Investments LLC's holdings in Cadence Design Systems were worth $10,943,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CDNS. GAMMA Investing LLC lifted its position in shares of Cadence Design Systems by 31,049.1% during the 1st 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. Jennison Associates LLC lifted its position in shares of Cadence Design Systems by 13.2% during the 1st quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker's stock valued at $2,305,489,000 after buying an additional 1,054,702 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Cadence Design Systems by 25.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker's stock valued at $882,655,000 after buying an additional 601,834 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Cadence Design Systems by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker's stock valued at $6,698,834,000 after buying an additional 429,955 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Cadence Design Systems by 10.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,416,269 shares of the software maker's stock valued at $1,326,912,000 after buying an additional 427,418 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $352.06 on Friday. The firm has a market capitalization of $95.93 billion, a P/E ratio of 95.15, a P/E/G ratio of 4.62 and a beta of 0.97. The company has a quick ratio of 2.67, a current ratio of 2.82 and a debt-to-equity ratio of 0.49. The stock's 50-day simple moving average is $319.34 and its two-hundred day simple moving average is $292.47. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $376.45.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, topping analysts' consensus estimates of $1.56 by $0.09. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. The company's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.28 EPS. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CDNS has been the topic of a number of recent research reports. Bank of America upped their price target on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Rosenblatt Securities reissued a "neutral" rating and set a $300.00 price objective on shares of Cadence Design Systems in a report on Friday, July 25th. KeyCorp increased their price objective on Cadence Design Systems from $358.00 to $405.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Mizuho increased their price objective on Cadence Design Systems from $360.00 to $375.00 and gave the stock an "outperform" rating in a report on Tuesday, July 29th. Finally, Robert W. Baird increased their price objective on Cadence Design Systems from $340.00 to $380.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $364.33.

Insider Activity

In other news, Director Ita M. Brennan sold 180 shares of the stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the transaction, the director directly owned 8,010 shares in the company, valued at approximately $2,435,040. This represents a 2.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James D. Plummer sold 868 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $319.95, for a total value of $277,716.60. Following the transaction, the director owned 23,996 shares in the company, valued at $7,677,520.20. This trade represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,698 shares of company stock worth $1,485,387. 1.99% of the stock is currently owned by insiders.

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.

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