Assenagon Asset Management S.A. Trims Stock Position in Cadence Design Systems Inc (NASDAQ:CDNS)

Assenagon Asset Management S.A. cut its stake in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 64.5% during the third quarter, HoldingsChannel.com reports. The fund owned 223,170 shares of the software maker’s stock after selling 406,048 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Cadence Design Systems were worth $14,747,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of CDNS. BlackRock Inc. increased its holdings in Cadence Design Systems by 11.0% during the second quarter. BlackRock Inc. now owns 22,809,519 shares of the software maker’s stock valued at $1,615,142,000 after buying an additional 2,264,949 shares during the period. AQR Capital Management LLC increased its holdings in Cadence Design Systems by 49.3% during the second quarter. AQR Capital Management LLC now owns 6,280,165 shares of the software maker’s stock valued at $440,805,000 after buying an additional 2,072,953 shares during the period. Invesco Ltd. increased its holdings in Cadence Design Systems by 5.3% during the second quarter. Invesco Ltd. now owns 5,029,178 shares of the software maker’s stock valued at $356,117,000 after buying an additional 255,137 shares during the period. Northern Trust Corp boosted its stake in Cadence Design Systems by 2.6% in the second quarter. Northern Trust Corp now owns 3,483,702 shares of the software maker’s stock valued at $246,682,000 after acquiring an additional 88,828 shares in the last quarter. Finally, AXA boosted its stake in Cadence Design Systems by 7.4% in the second quarter. AXA now owns 2,342,379 shares of the software maker’s stock valued at $165,864,000 after acquiring an additional 160,933 shares in the last quarter. 86.83% of the stock is currently owned by institutional investors and hedge funds.

In other news, CEO Lip Bu Tan sold 40,000 shares of Cadence Design Systems stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $68.02, for a total transaction of $2,720,800.00. Following the completion of the sale, the chief executive officer now directly owns 899,852 shares in the company, valued at $61,207,933.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Aneel Zaman sold 523 shares of Cadence Design Systems stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $72.78, for a total transaction of $38,063.94. Following the sale, the insider now owns 246,114 shares of the company’s stock, valued at $17,912,176.92. The disclosure for this sale can be found here. Insiders have sold 122,936 shares of company stock valued at $8,277,904 over the last quarter. Insiders own 2.34% of the company’s stock.

NASDAQ:CDNS opened at $66.82 on Thursday. Cadence Design Systems Inc has a 12 month low of $39.71 and a 12 month high of $77.08. The firm has a fifty day simple moving average of $66.64 and a 200-day simple moving average of $68.29. The company has a current ratio of 1.60, a quick ratio of 1.52 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $18.63 billion, a P/E ratio of 54.32, a PEG ratio of 4.39 and a beta of 1.17.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 22nd. The software maker reported $0.38 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.02. Cadence Design Systems had a net margin of 18.83% and a return on equity of 31.86%. The business had revenue of $580.42 million during the quarter, compared to the consensus estimate of $579.41 million. During the same period in the previous year, the firm posted $0.45 earnings per share. The business’s revenue for the quarter was up 12.0% compared to the same quarter last year. Equities analysts forecast that Cadence Design Systems Inc will post 1.48 EPS for the current year.

Several brokerages have weighed in on CDNS. BidaskClub downgraded shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 3rd. Wells Fargo & Co upgraded shares of Cadence Design Systems from a “market perform” rating to an “outperform” rating and set a $80.00 target price for the company in a research note on Friday, October 11th. Needham & Company LLC raised their target price on shares of Cadence Design Systems to $76.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. JPMorgan Chase & Co. lowered their target price on shares of Cadence Design Systems from $78.00 to $75.00 and set a “neutral” rating for the company in a research note on Wednesday, September 11th. Finally, DA Davidson raised their target price on shares of Cadence Design Systems to $80.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Six equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $69.10.

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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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