AEGON ASSET MANAGEMENT UK Plc Has $54.48 Million Stock Position in Cadence Design Systems, Inc. $CDNS

AEGON ASSET MANAGEMENT UK Plc reduced its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 155,102 shares of the software maker’s stock after selling 10,908 shares during the quarter. AEGON ASSET MANAGEMENT UK Plc owned approximately 0.06% of Cadence Design Systems worth $54,481,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Barrett & Company Inc. bought a new position in Cadence Design Systems in the second quarter valued at $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 acquired a new stake in shares of Cadence Design Systems in the second quarter valued at about $33,000. Robbins Farley acquired a new stake in shares of Cadence Design Systems in the third quarter valued at about $35,000. Finally, E Fund Management Hong Kong Co. Ltd. raised its holdings in Cadence Design Systems by 41.1% during the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 127 shares of the software maker’s stock worth $39,000 after acquiring an additional 37 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 0.4%

CDNS stock opened at $318.32 on Monday. 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 capitalization of $86.65 billion, a PE ratio of 82.04, a price-to-earnings-growth ratio of 3.55 and a beta of 1.02. The company’s 50-day simple moving average is $317.17 and its 200 day simple moving average is $333.39. 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 posted its quarterly earnings data on Monday, October 27th. The software maker reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.79 by $0.14. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.13%. The firm had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the previous year, the firm posted $1.64 EPS. The business’s revenue for the quarter was up 10.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Buying and Selling

In other Cadence Design Systems news, CFO John M. Wall sold 27,805 shares of the firm’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $318.57, for a total transaction of $8,857,838.85. Following the transaction, the chief financial officer owned 69,957 shares in the company, valued at $22,286,201.49. This trade represents a 28.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Anirudh Devgan sold 20,000 shares of Cadence Design Systems stock in a transaction on Friday, December 5th. The shares were sold at an average price of $340.00, for a total value of $6,800,000.00. Following the completion of the transaction, the chief executive officer directly owned 195,844 shares of the company’s stock, valued at $66,586,960. This represents a 9.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 62,025 shares of company stock valued at $20,369,946 in the last quarter. Corporate insiders own 0.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CDNS shares. Needham & Company LLC restated a “buy” rating and issued a $390.00 price target on shares of Cadence Design Systems in a research note on Monday, December 22nd. JPMorgan Chase & Co. raised their target price on shares of Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. Citigroup began coverage on shares of Cadence Design Systems in a report on Monday, November 24th. They set a “buy” rating and a $385.00 target price on the stock. KeyCorp reiterated an “overweight” rating and issued a $405.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Finally, Wells Fargo & Company boosted their price objective on shares of Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 28th. Thirteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $379.59.

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.