Janus Henderson Group PLC decreased its holdings in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 42.7% in the 4th quarter, HoldingsChannel reports. The firm owned 3,026,797 shares of the software maker’s stock after selling 2,254,586 shares during the period. Janus Henderson Group PLC’s holdings in Cadence Design Systems were worth $209,941,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also made changes to their positions in the business. Massachusetts Financial Services Co. MA grew its stake in Cadence Design Systems by 5.9% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 24,353,670 shares of the software maker’s stock valued at $1,689,171,000 after buying an additional 1,361,608 shares during the last quarter. State Street Corp boosted its stake in Cadence Design Systems by 0.4% in the 4th quarter. State Street Corp now owns 12,356,685 shares of the software maker’s stock valued at $857,060,000 after purchasing an additional 53,831 shares during the period. Parnassus Investments CA boosted its stake in Cadence Design Systems by 1.8% in the 4th quarter. Parnassus Investments CA now owns 8,562,446 shares of the software maker’s stock valued at $593,891,000 after purchasing an additional 151,520 shares during the period. FMR LLC boosted its stake in Cadence Design Systems by 9.6% in the 4th quarter. FMR LLC now owns 4,403,274 shares of the software maker’s stock valued at $305,411,000 after purchasing an additional 384,884 shares during the period. Finally, Pictet Asset Management Ltd. grew its holdings in Cadence Design Systems by 58.0% in the 4th quarter. Pictet Asset Management Ltd. now owns 3,812,189 shares of the software maker’s stock valued at $264,413,000 after buying an additional 1,399,581 shares in the last quarter. 86.68% of the stock is owned by institutional investors and hedge funds.
In related news, President Anirudh Devgan sold 15,971 shares of the firm’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $72.99, for a total value of $1,165,723.29. Following the sale, the president now directly owns 410,610 shares of the company’s stock, valued at $29,970,423.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP James J. Cowie sold 60,000 shares of Cadence Design Systems stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.54, for a total value of $4,712,400.00. Following the completion of the transaction, the vice president now owns 163,530 shares in the company, valued at approximately $12,843,646.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 292,446 shares of company stock valued at $21,471,837. 2.34% of the stock is currently owned by insiders.
CDNS stock opened at $61.35 on Thursday. Cadence Design Systems Inc has a 52 week low of $51.39 and a 52 week high of $80.40. The business has a 50-day simple moving average of $68.02 and a 200 day simple moving average of $68.29. The company has a quick ratio of 1.66, a current ratio of 1.74 and a debt-to-equity ratio of 0.16. The company has a market cap of $17.75 billion, a PE ratio of 17.38, a price-to-earnings-growth ratio of 4.27 and a beta of 1.17.
Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Wednesday, February 12th. The software maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Cadence Design Systems had a net margin of 42.33% and a return on equity of 62.01%. The firm had revenue of $599.56 million for the quarter, compared to the consensus estimate of $595.48 million. During the same period in the prior year, the company posted $0.52 earnings per share. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. On average, analysts anticipate that Cadence Design Systems Inc will post 1.51 EPS for the current fiscal year.
A number of equities research analysts have recently weighed in on CDNS shares. Royal Bank of Canada reissued an “outperform” rating and set a $85.00 target price on shares of Cadence Design Systems in a report on Thursday, February 13th. Credit Suisse Group raised their price target on shares of Cadence Design Systems from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Wells Fargo & Co lifted their price objective on shares of Cadence Design Systems from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, February 6th. Needham & Company LLC boosted their price objective on shares of Cadence Design Systems from $76.00 to $86.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Finally, Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $62.00 price objective for the company in a report on Tuesday. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Cadence Design Systems currently has a consensus rating of “Buy” and an average price target of $81.90.
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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