Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Groupama Asset Managment

Groupama Asset Managment boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 17.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,399 shares of the software maker’s stock after buying an additional 11,137 shares during the quarter. Groupama Asset Managment’s holdings in Cadence Design Systems were worth $22,760,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Principal Financial Group Inc. boosted its holdings in Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after purchasing an additional 501,833 shares during the period. D.A. Davidson & CO. lifted its position in Cadence Design Systems by 17.1% during the 3rd quarter. D.A. Davidson & CO. now owns 1,644 shares of the software maker’s stock worth $446,000 after acquiring an additional 240 shares during the period. Townsquare Capital LLC lifted its holdings in shares of Cadence Design Systems by 35.8% in the 3rd quarter. Townsquare Capital LLC now owns 4,664 shares of the software maker’s stock valued at $1,264,000 after buying an additional 1,229 shares during the period. Public Sector Pension Investment Board grew its position in Cadence Design Systems by 16.3% during the third quarter. Public Sector Pension Investment Board now owns 12,098 shares of the software maker’s stock worth $3,279,000 after buying an additional 1,700 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec purchased a new stake in Cadence Design Systems during the third quarter worth $24,026,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 0.9 %

NASDAQ:CDNS opened at $254.33 on Tuesday. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock has a 50-day moving average price of $273.52 and a two-hundred day moving average price of $284.41. The stock has a market cap of $69.77 billion, a price-to-earnings ratio of 65.89, a PEG ratio of 3.88 and a beta of 1.05.

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

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on CDNS shares. Oppenheimer dropped their target price on 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Bank of America dropped their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Robert W. Baird reduced their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. Finally, Mizuho lifted their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $324.83.

Insider Activity

In related news, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the transaction, the vice president now directly owns 59,311 shares in the company, valued at approximately $18,080,365.24. This trade represents a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 101,021 shares of company stock worth $31,229,155. Corporate insiders own 1.99% of the company’s stock.

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.