Lazard Asset Management LLC Raises Stake in Cadence Design Systems, Inc. $CDNS

Lazard Asset Management LLC boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.2% during the first quarter, Holdings Channel.com reports. The firm owned 896,325 shares of the software maker’s stock after acquiring an additional 44,231 shares during the quarter. Lazard Asset Management LLC’s holdings in Cadence Design Systems were worth $249,062,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. University of Texas Texas AM Investment Management Co. bought a new position in Cadence Design Systems during the 4th quarter valued at approximately $28,000. Imprint Wealth LLC purchased a new stake in shares of Cadence Design Systems in the third quarter worth $31,000. Whipplewood Advisors LLC grew its stake in shares of Cadence Design Systems by 933.3% in the first quarter. Whipplewood Advisors LLC now owns 93 shares of the software maker’s stock worth $26,000 after acquiring an additional 84 shares during the last quarter. Swiss RE Ltd. bought a new position in shares of Cadence Design Systems during the fourth quarter valued at $29,000. Finally, Brown Lisle Cummings Inc. increased its holdings in shares of Cadence Design Systems by 860.0% during the first quarter. Brown Lisle Cummings Inc. now owns 96 shares of the software maker’s stock valued at $27,000 after acquiring an additional 86 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $326.24 on Monday. Cadence Design Systems, Inc. has a 12-month low of $262.75 and a 12-month high of $416.69. The company has a current ratio of 1.47, a quick ratio of 1.32 and a debt-to-equity ratio of 0.38. The firm’s 50 day moving average is $373.92 and its 200 day moving average is $329.47. The stock has a market capitalization of $89.98 billion, a P/E ratio of 76.05, a P/E/G ratio of 3.86 and a beta of 1.15.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 27th. The software maker reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates of $1.91 by $0.05. The business had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.46 billion. Cadence Design Systems had a net margin of 21.18% and a return on equity of 28.44%. The company’s quarterly revenue was up 18.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.57 EPS. Research analysts expect that Cadence Design Systems, Inc. will post 6.23 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CDNS. Weiss Ratings reiterated a “hold (c)” rating on shares of Cadence Design Systems in a research note on Thursday, July 2nd. Rosenblatt Securities raised their price objective on shares of Cadence Design Systems from $375.00 to $410.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Wells Fargo & Company upped their target price on shares of Cadence Design Systems from $400.00 to $425.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. KeyCorp boosted their price objective on shares of Cadence Design Systems from $405.00 to $425.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Finally, Robert W. Baird upped their price objective on Cadence Design Systems from $381.00 to $385.00 and gave the company an “outperform” rating in a research report on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $393.65.

Insider Buying and Selling

In other Cadence Design Systems news, Director James D. Plummer sold 1,511 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $381.34, for a total transaction of $576,204.74. Following the completion of the sale, the director directly owned 23,264 shares in the company, valued at $8,871,493.76. The trade was a 6.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Anirudh Devgan sold 25,005 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $415.00, for a total value of $10,377,075.00. Following the sale, the chief executive officer owned 253,519 shares of the company’s stock, valued at approximately $105,210,385. This represents a 8.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 157,057 shares of company stock valued at $60,272,277 over the last ninety days. 0.49% of the stock is owned by insiders.

Cadence Design Systems Company Profile

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.