Thematics Asset Management Raises Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Thematics Asset Management boosted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 8.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 170,653 shares of the software maker's stock after purchasing an additional 13,133 shares during the period. Cadence Design Systems comprises 2.2% of Thematics Asset Management's portfolio, making the stock its 4th biggest holding. Thematics Asset Management owned about 0.06% of Cadence Design Systems worth $51,274,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Principal Financial Group Inc. boosted its holdings in shares of Cadence Design Systems by 10.7% in the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker's stock worth $672,300,000 after acquiring an additional 216,075 shares in the last quarter. Pittenger & Anderson Inc. lifted its position in Cadence Design Systems by 50.1% during the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker's stock worth $1,589,000 after buying an additional 1,766 shares in the last quarter. Meridiem Investment Management Ltd. increased its position in Cadence Design Systems by 64.3% in the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker's stock valued at $235,625,000 after acquiring an additional 306,887 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Cadence Design Systems by 132.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker's stock valued at $41,850,000 after purchasing an additional 79,268 shares in the last quarter. Finally, Avanza Fonder AB bought a new position in Cadence Design Systems in the 4th quarter valued at $6,046,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Up 2.3 %

CDNS stock traded up $6.56 during mid-day trading on Friday, reaching $288.34. The company had a trading volume of 1,306,321 shares, compared to its average volume of 1,928,530. The company has a market capitalization of $79.09 billion, a price-to-earnings ratio of 74.66, a PEG ratio of 3.88 and a beta of 1.14. 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, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. The stock has a 50 day simple moving average of $254.75 and a two-hundred day simple moving average of $281.98.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CDNS. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and upped their target price for the company from $300.00 to $325.00 in a research report on Thursday. Loop Capital reduced their price target on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. Bank of America reduced their target price on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. Redburn Atlantic started coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a "buy" rating and a $350.00 target price for the company. Finally, Robert W. Baird dropped their price objective on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating on the stock in a research note on Thursday, February 20th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $321.00.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the transaction, the vice president now directly owns 58,773 shares in the company, valued at approximately $17,180,523.36. This represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last 90 days, insiders have sold 1,950 shares of company stock worth $518,499. Insiders own 1.99% of the company's stock.

About Cadence Design Systems

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.