Candriam S.C.A. Has $89.35 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Candriam S.C.A. reduced its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 21.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 297,388 shares of the software maker’s stock after selling 82,400 shares during the quarter. Candriam S.C.A.’s holdings in Cadence Design Systems were worth $89,353,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. raised its position in 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 valued at $672,300,000 after buying an additional 216,075 shares during the last quarter. Pittenger & Anderson Inc. raised its position in Cadence Design Systems by 50.1% in the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock valued at $1,589,000 after buying an additional 1,766 shares during the last quarter. Meridiem Investment Management Ltd. raised 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 buying an additional 306,887 shares during the last quarter. Nisa Investment Advisors LLC raised its position in Cadence Design Systems by 132.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after buying an additional 79,268 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after buying an additional 310,250 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Up 1.4 %

Shares of NASDAQ CDNS opened at $244.70 on Thursday. Cadence Design Systems, Inc. has a 52 week low of $233.72 and a 52 week high of $328.99. The business has a 50-day simple moving average of $291.22 and a two-hundred day simple moving average of $285.98. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The company has a market cap of $67.07 billion, a P/E ratio of 63.39, a P/E/G ratio of 3.88 and a beta of 1.03.

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

Analyst Ratings Changes

A number of brokerages have issued reports on CDNS. Rosenblatt Securities upped their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Needham & Company LLC restated a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Bank of America reduced their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Loop Capital reduced their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Finally, StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.92.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the transaction, the vice president now directly owns 59,311 shares of the company’s stock, valued at approximately $18,080,365.24. This trade represents a 1.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Paul Scannell sold 3,171 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares in the company, valued at approximately $4,378,158.04. This represents a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock valued at $33,504,126 in the last 90 days. Corporate insiders own 1.99% of the company’s stock.

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.