Epoch Investment Partners Inc. Has $23.69 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Epoch Investment Partners Inc. reduced its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 78,854 shares of the software maker’s stock after selling 7,593 shares during the period. Epoch Investment Partners Inc.’s holdings in Cadence Design Systems were worth $23,692,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CDNS. Norges Bank bought a new stake in Cadence Design Systems during the fourth quarter worth about $1,170,209,000. Schroder Investment Management Group increased its position in shares of Cadence Design Systems by 53.1% during the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock worth $623,105,000 after purchasing an additional 716,041 shares during the last quarter. FMR LLC raised its stake in shares of Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock worth $2,397,266,000 after purchasing an additional 639,146 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Cadence Design Systems by 12.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock valued at $1,705,469,000 after buying an additional 632,175 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Cadence Design Systems in the fourth quarter valued at $171,991,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Piper Sandler increased their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Oppenheimer lowered their price target on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 19th. Loop Capital reduced their target price 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. Redburn Atlantic assumed coverage on Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. Finally, StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. 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. According to MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $320.67.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $260.22 on Friday. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The firm’s 50-day simple moving average is $257.23 and its 200 day simple moving average is $282.14. The firm has a market cap of $71.38 billion, a price-to-earnings ratio of 67.41, a P/E/G ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS) last released 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 during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the completion of the sale, the vice president now owns 108,799 shares of the company’s stock, valued at $27,486,979.36. This represents a 0.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last three months, insiders have sold 1,950 shares of company stock valued at $518,499. 0.37% of the stock is owned by corporate 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.