J. Safra Sarasin Holding AG Acquires 6,879 Shares of Cadence Design Systems, Inc. $CDNS

J. Safra Sarasin Holding AG boosted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.7% in the third quarter, Holdings Channel.com reports. The fund owned 96,752 shares of the software maker’s stock after buying an additional 6,879 shares during the quarter. J. Safra Sarasin Holding AG’s holdings in Cadence Design Systems were worth $33,985,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in CDNS. Barrett & Company Inc. bought a new stake in Cadence Design Systems in the second quarter valued at about $31,000. Strategic Wealth Investment Group LLC acquired a new position in shares of Cadence Design Systems during the 2nd quarter worth about $32,000. Promus Capital LLC bought a new stake in shares of Cadence Design Systems in the 2nd quarter valued at about $33,000. Robbins Farley bought a new stake in shares of Cadence Design Systems in the 3rd quarter valued at about $35,000. Finally, E Fund Management Hong Kong Co. Ltd. raised its position in shares of Cadence Design Systems by 41.1% in the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 127 shares of the software maker’s stock valued at $39,000 after acquiring an additional 37 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 1.2%

NASDAQ:CDNS opened at $322.02 on Tuesday. The stock has a 50-day simple moving average of $317.39 and a 200 day simple moving average of $333.38. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $376.45. The company has a market cap of $87.65 billion, a PE ratio of 83.00, a PEG ratio of 3.55 and a beta of 1.02. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.84 and a current ratio of 3.05.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 27th. The software maker reported $1.93 EPS for the quarter, beating the consensus estimate of $1.79 by $0.14. The firm had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Cadence Design Systems had a return on equity of 30.13% and a net margin of 20.35%.The business’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.64 EPS. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CDNS shares. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $390.00 to $418.00 and gave the company an “outperform” rating in a report on Tuesday, October 28th. Wells Fargo & Company boosted their price target on shares of Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. BNP Paribas Exane assumed coverage on shares of Cadence Design Systems in a research report on Thursday, October 2nd. They issued an “outperform” rating and a $400.00 price objective for the company. JPMorgan Chase & Co. raised their price objective on Cadence Design Systems from $390.00 to $405.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 28th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Cadence Design Systems in a research note on Monday, December 29th. Thirteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $379.59.

Insiders Place Their Bets

In related news, VP Paul Scannell sold 5,490 shares of the stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $339.43, for a total transaction of $1,863,470.70. Following the completion of the transaction, the vice president owned 20,321 shares in the company, valued at approximately $6,897,557.03. This represents a 21.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John M. Wall sold 27,805 shares of the firm’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $318.57, for a total transaction of $8,857,838.85. Following the completion of the transaction, the chief financial officer directly owned 69,957 shares of the company’s stock, valued at approximately $22,286,201.49. This trade represents a 28.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 62,025 shares of company stock valued at $20,369,946 over the last 90 days. 0.37% of the stock is currently owned by company insiders.

About Cadence Design Systems

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.