AEGON ASSET MANAGEMENT UK Plc Cuts Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

AEGON ASSET MANAGEMENT UK Plc decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 129,406 shares of the software maker’s stock after selling 11,347 shares during the period. AEGON ASSET MANAGEMENT UK Plc’s holdings in Cadence Design Systems were worth $35,072,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of CDNS. ORG Partners LLC boosted its holdings in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after buying an additional 82 shares during the period. Chilton Capital Management LLC grew its position in shares of Cadence Design Systems by 244.0% in the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after purchasing an additional 122 shares in the last quarter. Larson Financial Group LLC raised its stake in shares of Cadence Design Systems by 159.7% during the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock valued at $62,000 after purchasing an additional 123 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Cadence Design Systems during the 2nd quarter worth about $69,000. Finally, Opal Wealth Advisors LLC purchased a new position in Cadence Design Systems during the 2nd quarter valued at about $77,000. 84.85% of the stock is owned by institutional investors.

Insider Transactions at Cadence Design Systems

In related news, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the sale, the chief financial officer now directly owns 38,654 shares in the company, valued at $10,278,485.14. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the sale, the chief financial officer now owns 38,654 shares in the company, valued at approximately $10,278,485.14. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Karna Nisewaner sold 1,213 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $279.49, for a total value of $339,021.37. Following the transaction, the senior vice president now directly owns 17,617 shares in the company, valued at $4,923,775.33. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,347 shares of company stock worth $7,734,616. Insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a report on Tuesday, August 6th. Needham & Company LLC lowered their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Berenberg Bank initiated coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price for the company. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Mizuho started coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and an average price target of $323.17.

Cadence Design Systems Price Performance

CDNS stock opened at $301.25 on Friday. The firm has a market cap of $82.62 billion, a P/E ratio of 79.07, a P/E/G ratio of 3.54 and a beta of 1.02. The firm’s fifty day moving average is $270.09 and its 200 day moving average is $282.10. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.01 earnings per share. Research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

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.