Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Compagnie Lombard Odier SCmA

Compagnie Lombard Odier SCmA lifted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 36.3% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 2,319 shares of the software maker’s stock after buying an additional 618 shares during the quarter. Compagnie Lombard Odier SCmA’s holdings in Cadence Design Systems were worth $590,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its holdings in Cadence Design Systems by 10.7% during the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock worth $672,300,000 after purchasing an additional 216,075 shares in the last quarter. Pittenger & Anderson Inc. increased its holdings in Cadence Design Systems by 50.1% in the fourth 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 in the last quarter. Meridiem Investment Management Ltd. increased its holdings in Cadence Design Systems by 64.3% in the fourth 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 in the last quarter. Park Square Financial Group LLC purchased a new position in Cadence Design Systems in the fourth quarter valued at about $348,000. Finally, Citizens Financial Group Inc. RI increased its holdings in Cadence Design Systems by 80.6% in the fourth quarter. Citizens Financial Group Inc. RI now owns 8,058 shares of the software maker’s stock valued at $2,421,000 after buying an additional 3,595 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the transaction, the director now directly owns 8,010 shares of the company’s stock, valued at approximately $2,435,040. The trade was a 2.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems 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 transaction, the vice president now directly owns 108,799 shares of the company’s stock, valued at $27,486,979.36. This trade represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 18,625 shares of company stock valued at $5,670,453. Company insiders own 0.37% of the company’s stock.

Cadence Design Systems Price Performance

CDNS opened at $307.85 on Friday. The company has a 50-day moving average of $291.22 and a 200-day moving average of $287.43. The company has a market capitalization of $84.06 billion, a P/E ratio of 79.75, a PEG ratio of 3.88 and a beta of 0.99. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year 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.

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

Analyst Ratings Changes

A number of research analysts have recently weighed in on CDNS shares. Piper Sandler raised their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Loop Capital dropped their price objective on shares of 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. Needham & Company LLC reissued a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, May 13th. Bank of America raised their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Finally, Mizuho raised their price objective on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $325.23.

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.