E Fund Management Co. Ltd. Decreases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

E Fund Management Co. Ltd. lowered its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,701 shares of the software maker’s stock after selling 691 shares during the quarter. E Fund Management Co. Ltd.’s holdings in Cadence Design Systems were worth $1,102,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Bank Julius Baer & Co. Ltd Zurich raised its stake in shares of Cadence Design Systems by 98,001.8% in the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 714,378,920 shares of the software maker’s stock worth $167,536,144,000 after purchasing an additional 713,650,718 shares during the last quarter. BlackRock Inc. increased its position in Cadence Design Systems by 0.3% during the first quarter. BlackRock Inc. now owns 32,714,012 shares of the software maker’s stock valued at $6,872,887,000 after acquiring an additional 82,799 shares during the last quarter. State Street Corp increased its position in Cadence Design Systems by 3.1% during the first quarter. State Street Corp now owns 11,406,581 shares of the software maker’s stock valued at $2,396,402,000 after acquiring an additional 344,518 shares during the last quarter. FMR LLC increased its position in Cadence Design Systems by 1.4% during the first quarter. FMR LLC now owns 9,997,043 shares of the software maker’s stock valued at $2,100,279,000 after acquiring an additional 136,739 shares during the last quarter. Finally, Jennison Associates LLC increased its position in Cadence Design Systems by 33.8% during the second quarter. Jennison Associates LLC now owns 6,483,146 shares of the software maker’s stock valued at $1,520,427,000 after acquiring an additional 1,637,860 shares during the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CDNS. Robert W. Baird upped their price objective on Cadence Design Systems from $253.00 to $257.00 in a research report on Tuesday, July 25th. Bank of America boosted their price target on Cadence Design Systems from $285.00 to $305.00 in a report on Tuesday, October 10th. Rosenblatt Securities boosted their price target on Cadence Design Systems from $250.00 to $265.00 and gave the company a “buy” rating in a report on Thursday, October 19th. Morgan Stanley initiated coverage on Cadence Design Systems in a report on Friday, November 10th. They set an “equal weight” rating and a $260.00 price target for the company. Finally, KeyCorp boosted their price target on Cadence Design Systems from $270.00 to $290.00 and gave the company an “overweight” rating in a report on Thursday, September 14th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $264.50.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Mark Adams sold 400 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $240.80, for a total transaction of $96,320.00. Following the sale, the director now directly owns 11,007 shares in the company, valued at $2,650,485.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Mark Adams sold 400 shares of the stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $240.80, for a total value of $96,320.00. Following the sale, the director now directly owns 11,007 shares in the company, valued at $2,650,485.60. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO John M. Wall sold 1,250 shares of the stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $255.00, for a total value of $318,750.00. Following the completion of the sale, the chief financial officer now owns 85,375 shares in the company, valued at $21,770,625. The disclosure for this sale can be found here. Insiders have sold a total of 21,279 shares of company stock worth $5,049,575 over the last ninety days. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS traded up $0.23 during mid-day trading on Tuesday, reaching $270.48. The company’s stock had a trading volume of 294,550 shares, compared to its average volume of 1,640,491. The firm has a market capitalization of $73.59 billion, a PE ratio of 76.99, a P/E/G ratio of 3.31 and a beta of 1.04. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.44 and a quick ratio of 1.31. The stock has a fifty day moving average of $244.24 and a two-hundred day moving average of $234.26. Cadence Design Systems, Inc. has a 52 week low of $154.88 and a 52 week high of $274.32.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 23rd. The software maker reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.06. Cadence Design Systems had a return on equity of 34.64% and a net margin of 24.42%. The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter in the prior year, the company posted $0.79 earnings per share. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.13 EPS for the current fiscal year.

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.