Vontobel Holding Ltd. Increases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Vontobel Holding Ltd. increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 66.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 34,913 shares of the software maker’s stock after acquiring an additional 13,997 shares during the quarter. Vontobel Holding Ltd.’s holdings in Cadence Design Systems were worth $9,509,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CDNS. Norges Bank purchased a new position in Cadence Design Systems during the 4th quarter valued at about $770,945,000. Alliancebernstein L.P. boosted its position in shares of Cadence Design Systems by 620.0% during the 4th quarter. Alliancebernstein L.P. now owns 2,954,303 shares of the software maker’s stock valued at $474,579,000 after acquiring an additional 2,543,966 shares during the last quarter. Moneta Group Investment Advisors LLC bought a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $227,854,000. Nordea Investment Management AB boosted its position in shares of Cadence Design Systems by 124.8% during the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after acquiring an additional 1,052,228 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Cadence Design Systems by 143.3% during the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after acquiring an additional 962,987 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

CDNS opened at $300.81 on Wednesday. The stock has a market capitalization of $81.89 billion, a PE ratio of 78.75, a price-to-earnings-growth ratio of 3.72 and a beta of 1.04. The stock’s 50 day moving average price is $306.73 and its 200-day moving average price is $279.25. Cadence Design Systems, Inc. has a 52-week low of $194.01 and a 52-week high of $327.36. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.05. The company had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.75 earnings per share. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 4.82 EPS for the current year.

Insider Buying and Selling

In related news, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the sale, the vice president now directly owns 61,150 shares of the company’s stock, valued at $18,583,485. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Cadence Design Systems news, VP Aneel Zaman sold 1,207 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the sale, the vice president now directly owns 61,150 shares of the company’s stock, valued at $18,583,485. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 1,454 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the completion of the sale, the chief executive officer now directly owns 136,455 shares in the company, valued at $41,468,674.50. The disclosure for this sale can be found here. Insiders have sold a total of 212,044 shares of company stock valued at $63,106,522 over the last ninety days. Company insiders own 0.62% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CDNS. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Wednesday, March 6th. Rosenblatt Securities downgraded Cadence Design Systems from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $265.00 to $280.00 in a research report on Tuesday, February 13th. Piper Sandler initiated coverage on Cadence Design Systems in a research report on Thursday, April 4th. They issued a “neutral” rating and a $334.00 price objective for the company. Robert W. Baird boosted their price objective on Cadence Design Systems from $289.00 to $302.00 and gave the company an “outperform” rating in a research report on Tuesday, February 13th. Finally, Wells Fargo & Company boosted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $316.10.

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.