MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 24.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 22,353 shares of the software maker’s stock after buying an additional 4,335 shares during the quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH’s holdings in Cadence Design Systems were worth $3,062,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the company. Capital Investment Advisory Services LLC bought a new position in Cadence Design Systems in the fourth quarter worth about $210,000. Whittier Trust Co. lifted its stake in shares of Cadence Design Systems by 12.3% in the 4th quarter. Whittier Trust Co. now owns 46,080 shares of the software maker’s stock valued at $6,286,000 after purchasing an additional 5,064 shares during the period. Amundi Pioneer Asset Management Inc. boosted its position in shares of Cadence Design Systems by 6.9% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 521,900 shares of the software maker’s stock valued at $71,202,000 after purchasing an additional 33,790 shares in the last quarter. Victory Capital Management Inc. grew its stake in Cadence Design Systems by 98.5% in the fourth quarter. Victory Capital Management Inc. now owns 710,438 shares of the software maker’s stock worth $96,925,000 after purchasing an additional 352,565 shares during the period. Finally, Maryland State Retirement & Pension System bought a new position in Cadence Design Systems in the fourth quarter worth $585,000. Hedge funds and other institutional investors own 83.86% of the company’s stock.
In other Cadence Design Systems news, CEO Lip Bu Tan sold 50,000 shares of the stock in a transaction that occurred on Thursday, April 15th. The shares were sold at an average price of $147.47, for a total value of $7,373,500.00. Following the transaction, the chief executive officer now directly owns 793,894 shares in the company, valued at $117,075,548.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Surendra Babu Mandava sold 90,688 shares of Cadence Design Systems stock in a transaction on Wednesday, March 10th. The stock was sold at an average price of $128.32, for a total transaction of $11,637,084.16. Following the transaction, the vice president now owns 267,334 shares in the company, valued at approximately $34,304,298.88. The disclosure for this sale can be found here. In the last quarter, insiders have sold 439,124 shares of company stock valued at $60,666,839. 2.58% of the stock is owned by company insiders.
Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Sunday, February 21st. The software maker reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.09. The business had revenue of $759.10 million during the quarter, compared to analyst estimates of $731.31 million. Cadence Design Systems had a net margin of 42.68% and a return on equity of 48.31%. The company’s quarterly revenue was up 26.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.54 EPS. Analysts anticipate that Cadence Design Systems, Inc. will post 2.02 earnings per share for the current year.
A number of research firms have recently weighed in on CDNS. Wells Fargo & Company upped their target price on shares of Cadence Design Systems from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Tuesday. Credit Suisse Group raised their target price on shares of Cadence Design Systems from $135.00 to $155.00 and gave the company a “neutral” rating in a research note on Monday, March 1st. Needham & Company LLC boosted their price target on Cadence Design Systems from $126.00 to $145.00 and gave the stock a “buy” rating in a research report on Monday, March 1st. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $146.00 price objective for the company in a research report on Thursday, February 25th. Finally, Benchmark reissued a “buy” rating and issued a $150.00 target price on shares of Cadence Design Systems in a research note on Monday, March 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $141.69.
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.
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