Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Lazard Asset Management LLC

Lazard Asset Management LLC grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 5.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 560,704 shares of the software maker's stock after acquiring an additional 27,148 shares during the period. Lazard Asset Management LLC owned about 0.20% of Cadence Design Systems worth $168,468,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Light Street Capital Management LLC purchased a new position in shares of Cadence Design Systems during the 4th quarter valued at approximately $234,000. Janus Henderson Group PLC raised its holdings in Cadence Design Systems by 12.7% in the fourth quarter. Janus Henderson Group PLC now owns 2,530,293 shares of the software maker's stock valued at $760,314,000 after acquiring an additional 285,617 shares in the last quarter. JARISLOWSKY FRASER Ltd boosted its stake in Cadence Design Systems by 17.0% during the 4th quarter. JARISLOWSKY FRASER Ltd now owns 284,470 shares of the software maker's stock valued at $85,472,000 after acquiring an additional 41,377 shares during the last quarter. Kensico Capital Management Corp acquired a new position in Cadence Design Systems during the 4th quarter worth $31,068,000. Finally, Geller Advisors LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter worth about $229,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

CDNS stock traded down $0.62 during trading on Thursday, reaching $318.77. 1,496,637 shares of the company's stock were exchanged, compared to its average volume of 1,971,719. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99. The firm has a market cap of $87.04 billion, a PE ratio of 82.58, a P/E/G ratio of 3.88 and a beta of 1.04. The company's fifty day moving average price is $268.71 and its 200-day moving average price is $285.84. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company's revenue was up 23.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.17 earnings per share. On average, research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now owns 58,123 shares of the company's stock, valued at approximately $14,689,425.79. The trade was a 1.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $275.00, for a total value of $49,500.00. Following the transaction, the director now directly owns 7,411 shares of the company's stock, valued at $2,038,025. This represents a 2.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,577 shares of company stock valued at $5,316,411 over the last quarter. Corporate insiders own 1.99% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Mizuho increased their target price on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Loop Capital lowered their price target on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. Robert W. Baird increased their target price on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Finally, Piper Sandler lifted their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $324.08.

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.