Gulf International Bank UK Ltd Trims Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Gulf International Bank UK Ltd trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 21,346 shares of the software maker’s stock after selling 230 shares during the period. Gulf International Bank UK Ltd’s holdings in Cadence Design Systems were worth $6,413,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CDNS. Swedbank AB raised its stake in shares of Cadence Design Systems by 15.1% in the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after acquiring an additional 230,672 shares during the period. Allworth Financial LP increased its stake in Cadence Design Systems by 9.7% during the 3rd quarter. Allworth Financial LP now owns 777 shares of the software maker’s stock worth $211,000 after buying an additional 69 shares during the period. Arkadios Wealth Advisors purchased a new stake in Cadence Design Systems during the 3rd quarter worth approximately $202,000. China Universal Asset Management Co. Ltd. increased its stake in Cadence Design Systems by 112.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 3,473 shares of the software maker’s stock worth $941,000 after buying an additional 1,837 shares during the period. Finally, Strategic Blueprint LLC purchased a new stake in Cadence Design Systems during the 3rd quarter worth approximately $248,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at $16,987,930.96. This represents a 9.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Scannell sold 3,171 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the sale, the vice president now owns 14,318 shares of the company’s stock, valued at $4,378,158.04. This trade represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock worth $33,538,875 in the last 90 days. Company insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Robert W. Baird cut their target price on shares of 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. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Loop Capital dropped their price objective on shares of 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. Mizuho increased their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Finally, Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $326.92.

Cadence Design Systems Trading Up 2.2 %

Shares of Cadence Design Systems stock opened at $254.38 on Thursday. The company has a fifty day simple moving average of $297.15 and a 200-day simple moving average of $286.99. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock has a market cap of $69.73 billion, a price-to-earnings ratio of 65.90, a PEG ratio of 3.88 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal 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.