Alkeon Capital Management LLC lessened its holdings in Cadence Design Systems Inc (NASDAQ:CDNS) by 15.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,817,226 shares of the software maker’s stock after selling 908,833 shares during the quarter. Cadence Design Systems accounts for 1.2% of Alkeon Capital Management LLC’s investment portfolio, making the stock its 18th biggest position. Alkeon Capital Management LLC owned 1.71% of Cadence Design Systems worth $201,457,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of CDNS. Cerebellum GP LLC purchased a new position in shares of Cadence Design Systems in the fourth quarter valued at about $123,000. Advisor Group Inc. increased its position in shares of Cadence Design Systems by 151.4% in the third quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock valued at $165,000 after acquiring an additional 2,505 shares during the period. Coldstream Capital Management Inc. purchased a new position in shares of Cadence Design Systems in the third quarter valued at about $207,000. Financial Partners Capital Management LLC purchased a new position in shares of Cadence Design Systems in the third quarter valued at about $214,000. Finally, MANA Advisors LLC purchased a new position in shares of Cadence Design Systems in the fourth quarter valued at about $214,000. Institutional investors own 86.73% of the company’s stock.
CDNS has been the topic of a number of analyst reports. KeyCorp restated a “hold” rating on shares of Cadence Design Systems in a research report on Sunday, November 26th. BidaskClub cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Friday, January 19th. Zacks Investment Research cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, December 27th. Credit Suisse Group restated a “neutral” rating and issued a $43.00 price objective (up previously from $37.00) on shares of Cadence Design Systems in a research report on Thursday, February 1st. Finally, ValuEngine upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $44.20.
Shares of CDNS stock opened at $37.96 on Wednesday. The firm has a market cap of $10,915.91, a PE ratio of 51.30, a PEG ratio of 3.77 and a beta of 1.08. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.47 and a current ratio of 1.53. Cadence Design Systems Inc has a 52 week low of $30.35 and a 52 week high of $46.00.
Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Wednesday, January 31st. The software maker reported $0.39 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.39. The firm had revenue of $501.70 million for the quarter, compared to analyst estimates of $496.20 million. Cadence Design Systems had a net margin of 10.50% and a return on equity of 31.28%. The company’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.34 EPS. sell-side analysts forecast that Cadence Design Systems Inc will post 0.85 earnings per share for the current fiscal year.
In other news, President Anirudh Devgan sold 44,526 shares of Cadence Design Systems stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $45.01, for a total transaction of $2,004,115.26. Following the sale, the president now owns 377,019 shares of the company’s stock, valued at approximately $16,969,625.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John B. Shoven sold 50,000 shares of Cadence Design Systems stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $45.00, for a total transaction of $2,250,000.00. Following the sale, the director now directly owns 196,189 shares in the company, valued at approximately $8,828,505. The disclosure for this sale can be found here. Insiders have sold a total of 162,110 shares of company stock worth $7,016,878 in the last ninety days. Insiders own 2.55% of the company’s stock.
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Cadence Design Systems Profile
Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).
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