Zega Financial LLC Lowers Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Zega Financial LLC lessened its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.9% during the first quarter, Holdings Channel.com reports. The firm owned 3,411 shares of the software maker’s stock after selling 506 shares during the quarter. Cadence Design Systems makes up 0.4% of Zega Financial LLC’s investment portfolio, making the stock its 28th largest position. Zega Financial LLC’s holdings in Cadence Design Systems were worth $1,062,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in CDNS. Norges Bank purchased a new stake in Cadence Design Systems in the 4th quarter valued at approximately $1,141,059,000. BNP Paribas Financial Markets boosted its holdings in Cadence Design Systems by 58.1% in the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after purchasing an additional 468,195 shares in the last quarter. Jennison Associates LLC boosted its holdings in Cadence Design Systems by 6.9% in the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after purchasing an additional 459,603 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in Cadence Design Systems by 261.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock valued at $169,022,000 after purchasing an additional 448,918 shares in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in 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 purchasing an additional 402,884 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $275,360.00. Following the completion of the transaction, the vice president now directly owns 67,144 shares in the company, valued at approximately $18,488,771.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $275,360.00. Following the completion of the transaction, the vice president now directly owns 67,144 shares in the company, valued at approximately $18,488,771.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $287.14, for a total value of $430,710.00. Following the completion of the transaction, the director now owns 49,551 shares of the company’s stock, valued at $14,228,074.14. The disclosure for this sale can be found here. In the last three months, insiders sold 50,134 shares of company stock worth $14,987,093. Insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

CDNS has been the topic of a number of analyst reports. Bank of America lifted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $322.00 to $341.00 and gave the company an “outperform” rating in a research report on Tuesday, July 2nd. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. Wells Fargo & Company lifted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Finally, Piper Sandler reiterated a “neutral” rating and set a $318.00 price target on shares of Cadence Design Systems in a research report on Wednesday, July 10th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $334.89.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded down $10.29 during trading on Thursday, hitting $277.83. 4,131,595 shares of the company were exchanged, compared to its average volume of 1,560,291. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a fifty-two week low of $217.77 and a fifty-two week high of $328.99. The stock has a market capitalization of $75.69 billion, a price-to-earnings ratio of 72.35, a P/E/G ratio of 3.81 and a beta of 1.03. The firm has a 50 day moving average price of $302.97 and a 200 day moving average price of $297.32.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.04. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.02 EPS. On average, equities analysts expect that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Cadence Design Systems 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.