BNP PARIBAS ASSET MANAGEMENT Holding S.A. Cuts Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

BNP PARIBAS ASSET MANAGEMENT Holding S.A. trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 432,485 shares of the software maker’s stock after selling 52,075 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A.’s holdings in Cadence Design Systems were worth $117,217,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the business. Missouri Trust & Investment Co purchased a new position in Cadence Design Systems during the third quarter worth about $27,000. ORG Partners LLC boosted its stake in shares of Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after buying an additional 82 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in Cadence Design Systems during the 3rd quarter worth approximately $28,000. Chilton Capital Management LLC grew its stake in shares of Cadence Design Systems by 244.0% during the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after purchasing an additional 122 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its holdings in shares of Cadence Design Systems by 30.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after acquiring an additional 47 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $304.01 on Thursday. The company has a market cap of $83.38 billion, a price-to-earnings ratio of 79.79, a PEG ratio of 4.07 and a beta of 1.02. The firm has a 50 day moving average price of $276.99 and a 200 day moving average price of $283.28. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the previous year, the company posted $1.01 EPS. The company’s revenue was up 18.8% compared to the same quarter last year. Sell-side analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the completion of the transaction, the vice president now directly owns 61,111 shares of the company’s stock, valued at $16,866,636. This trade represents a 1.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John M. Wall sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. This represents a 20.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,634 shares of company stock worth $4,217,635 over the last quarter. 1.99% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Needham & Company LLC cut their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Oppenheimer started coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target on the stock. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. Berenberg Bank assumed coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. Finally, Robert W. Baird increased their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $326.00.

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.