Pictet Asset Management Holding SA Sells 59,919 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Pictet Asset Management Holding SA lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.3% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,495,320 shares of the software maker’s stock after selling 59,919 shares during the quarter. Cadence Design Systems comprises 0.8% of Pictet Asset Management Holding SA’s holdings, making the stock its 21st biggest position. Pictet Asset Management Holding SA owned 0.91% of Cadence Design Systems worth $749,744,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Principal Financial Group Inc. lifted its position in shares of Cadence Design Systems by 10.7% during the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock valued at $672,300,000 after acquiring an additional 216,075 shares during the period. Pittenger & Anderson Inc. lifted its position in Cadence Design Systems by 50.1% during the fourth quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock worth $1,589,000 after purchasing an additional 1,766 shares during the period. Meridiem Investment Management Ltd. grew its stake in Cadence Design Systems by 64.3% during the fourth quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock worth $235,625,000 after buying an additional 306,887 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in Cadence Design Systems by 132.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after buying an additional 79,268 shares during the period. Finally, Avanza Fonder AB acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at approximately $6,046,000. Institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the sale, the vice president now owns 58,123 shares of the company’s stock, valued at $14,689,425.79. This represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,021 shares of company stock valued at $31,229,155 over the last quarter. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 0.3 %

NASDAQ CDNS opened at $262.54 on Friday. The firm has a market capitalization of $71.96 billion, a PE ratio of 68.02, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The business’s 50-day moving average price is $275.52 and its two-hundred day moving average price is $284.16. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 12 month low of $230.09 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. On average, analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on CDNS shares. Mizuho boosted their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Loop Capital dropped their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Redburn Atlantic started coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. Piper Sandler increased their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Finally, Oppenheimer dropped their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research note on Wednesday, March 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $324.83.

About Cadence Design Systems

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.