Covea Finance Trims Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Covea Finance lessened its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.5% during the first quarter, Holdings Channel.com reports. The firm owned 51,261 shares of the software maker’s stock after selling 4,737 shares during the quarter. Covea Finance’s holdings in Cadence Design Systems were worth $13,037,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Cadence Design Systems by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock worth $7,784,674,000 after purchasing an additional 201,340 shares during the period. FMR LLC grew its holdings in Cadence Design Systems by 8.7% in the fourth 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 during the period. Geode Capital Management LLC grew its holdings in Cadence Design Systems by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker’s stock worth $1,806,019,000 after purchasing an additional 135,251 shares during the period. Alliancebernstein L.P. grew its holdings in Cadence Design Systems by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock worth $1,705,469,000 after purchasing an additional 632,175 shares during the period. Finally, Franklin Resources Inc. grew its holdings in Cadence Design Systems by 5.2% in the fourth quarter. Franklin Resources Inc. now owns 4,821,666 shares of the software maker’s stock worth $1,448,718,000 after purchasing an additional 238,535 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Robert W. Baird upped their target price on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Oppenheimer dropped their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 19th. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. Bank of America upped their target price 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, Rosenblatt Securities upped their target price on shares of 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 investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $325.23.

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the transaction, the chief executive officer now directly owns 209,548 shares in the company, valued at approximately $64,959,880. This trade represents a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $302.00, for a total transaction of $302,000.00. Following the completion of the transaction, the vice president now owns 106,499 shares in the company, valued at $32,162,698. The trade was a 0.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,625 shares of company stock worth $5,972,453. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 0.5%

Shares of CDNS stock opened at $295.40 on Friday. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $326.19. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. The firm’s 50 day moving average is $296.88 and its 200 day moving average is $287.01. The stock has a market capitalization of $80.66 billion, a P/E ratio of 74.78, a P/E/G ratio of 4.11 and a beta of 0.98.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter last year, the company posted $1.17 earnings per share. The firm’s quarterly revenue was up 23.1% on a year-over-year basis. Research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.