Edmond DE Rothschild Holding S.A. Reduces Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Edmond DE Rothschild Holding S.A. cut its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 24,418 shares of the software maker’s stock after selling 2,687 shares during the quarter. Edmond DE Rothschild Holding S.A.’s holdings in Cadence Design Systems were worth $7,601,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Cadence Design Systems by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock worth $6,674,006,000 after purchasing an additional 384,637 shares in the last quarter. Jennison Associates LLC lifted its stake in shares of Cadence Design Systems by 6.9% during the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after buying an additional 459,603 shares during the period. Norges Bank purchased a new stake in shares of Cadence Design Systems during the fourth quarter valued at $1,141,059,000. Nordea Investment Management AB grew its holdings in shares of Cadence Design Systems by 7.7% during the first quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after buying an additional 145,351 shares during the last quarter. Finally, Van ECK Associates Corp increased its position in shares of Cadence Design Systems by 25.4% in the 1st quarter. Van ECK Associates Corp now owns 1,986,413 shares of the software maker’s stock valued at $618,330,000 after acquiring an additional 402,884 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Shares of CDNS traded down $23.61 during trading hours on Wednesday, hitting $288.12. 3,558,458 shares of the stock were exchanged, compared to its average volume of 1,541,835. The stock’s 50-day moving average price is $303.12 and its two-hundred day moving average price is $297.46. Cadence Design Systems, Inc. has a 12-month low of $217.77 and a 12-month high of $328.99. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The company has a market cap of $78.49 billion, a price-to-earnings ratio of 75.03, a price-to-earnings-growth ratio of 3.86 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.02 earnings per share. Research analysts expect that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have weighed in on CDNS shares. Wells Fargo & Company boosted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, May 17th. KeyCorp upped their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Monday, April 22nd. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average price target of $334.89.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $275,360.00. Following the transaction, the vice president now owns 67,144 shares in the company, valued at $18,488,771.84. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $275,360.00. Following the completion of the sale, the vice president now directly owns 67,144 shares in the company, valued at $18,488,771.84. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $165,216.00. Following the completion of the sale, the senior vice president now directly owns 20,480 shares of the company’s stock, valued at approximately $5,639,372.80. The disclosure for this sale can be found here. Insiders have sold a total of 50,134 shares of company stock worth $14,987,093 in the last ninety days. Insiders own 1.99% of the company’s stock.

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.