Migdal Insurance & Financial Holdings Ltd. Cuts Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Migdal Insurance & Financial Holdings Ltd. reduced its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 73.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,265 shares of the software maker’s stock after selling 8,905 shares during the quarter. Migdal Insurance & Financial Holdings Ltd.’s holdings in Cadence Design Systems were worth $891,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in CDNS. Cibc World Market Inc. lifted its stake in shares of Cadence Design Systems by 2.7% during the first quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker’s stock worth $3,541,000 after purchasing an additional 571 shares in the last quarter. Prudential PLC purchased a new stake in shares of Cadence Design Systems during the 1st quarter valued at about $1,160,000. Loomis Sayles & Co. L P lifted its position in Cadence Design Systems by 1,030.1% during the 1st quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker’s stock worth $457,000 after acquiring an additional 2,534 shares in the last quarter. Zions Bancorporation N.A. lifted its position in Cadence Design Systems by 108.3% during the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock worth $37,000 after acquiring an additional 117 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in Cadence Design Systems by 26.8% in the 1st quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock worth $2,669,000 after acquiring an additional 3,433 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

CDNS opened at $293.71 on Thursday. The company has a market capitalization of $79.96 billion, a P/E ratio of 76.89, a PEG ratio of 3.65 and a beta of 1.04. The company has a 50-day moving average of $306.58 and a 200-day moving average of $279.35. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. Cadence Design Systems, Inc. has a 1-year low of $194.01 and a 1-year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same period last year, the firm earned $0.75 earnings per share. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. Equities analysts expect that Cadence Design Systems, Inc. will post 4.82 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CDNS shares. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, March 6th. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday. Piper Sandler began coverage on shares of Cadence Design Systems in a report on Thursday, April 4th. They issued a “neutral” rating and a $334.00 price objective on the stock. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. Finally, KeyCorp lifted their target price on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus price target of $318.10.

Insider Activity

In other Cadence Design Systems news, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the transaction, the vice president now owns 61,150 shares of the company’s stock, valued at $18,583,485. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the transaction, the vice president now directly owns 61,150 shares in the company, valued at approximately $18,583,485. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The disclosure for this sale can be found here. In the last ninety days, insiders sold 177,544 shares of company stock worth $53,581,207. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems 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.