Lazard Asset Management LLC Grows Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Lazard Asset Management LLC grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 560,704 shares of the software maker’s stock after purchasing an additional 27,148 shares during the quarter. Lazard Asset Management LLC’s holdings in Cadence Design Systems were worth $168,468,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems during the 4th quarter worth about $28,000. Ancora Advisors LLC grew its position in Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock worth $36,000 after buying an additional 112 shares in the last quarter. Avalon Trust Co bought a new position in shares of Cadence Design Systems in the fourth quarter worth approximately $39,000. OFI Invest Asset Management bought a new position in Cadence Design Systems in the fourth quarter valued at $46,000. Finally, Synergy Investment Management LLC bought a new position in shares of Cadence Design Systems during the 4th quarter valued at $50,000. Institutional investors own 84.85% of the company’s stock.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the sale, the vice president now directly owns 58,123 shares in the company, valued at $14,689,425.79. This represents a 1.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of the company’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the transaction, the chief executive officer now owns 209,548 shares in the company, valued at approximately $64,959,880. The trade was a 4.87% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,577 shares of company stock valued at $5,316,411. 1.99% of the stock is owned by insiders.

Cadence Design Systems Stock Down 0.7%

NASDAQ CDNS opened at $305.78 on Monday. The company has a market capitalization of $83.49 billion, a price-to-earnings ratio of 79.22, a PEG ratio of 3.88 and a beta of 1.04. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99. The stock’s 50 day moving average is $264.34 and its two-hundred day moving average is $284.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter in the prior year, the company earned $1.17 earnings per share. The business’s quarterly revenue was up 23.1% compared to the same quarter last year. Equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CDNS. Loop Capital cut their price objective on 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. Oppenheimer lowered their price objective 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. Redburn Atlantic assumed coverage on Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Finally, Rosenblatt Securities upped their price objective on Cadence Design Systems from $295.00 to $300.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus price target of $322.54.

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.