Groupama Asset Managment Acquires Shares of 58,953 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Groupama Asset Managment acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 58,953 shares of the software maker’s stock, valued at approximately $16,062,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. DekaBank Deutsche Girozentrale boosted its stake in shares of Cadence Design Systems by 34.5% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock worth $91,775,000 after purchasing an additional 99,251 shares during the last quarter. Pinebridge Investments L.P. raised its holdings in shares of Cadence Design Systems by 37.5% during the fourth quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock worth $5,258,000 after purchasing an additional 5,269 shares during the period. Nomura Asset Management Co. Ltd. grew its stake in Cadence Design Systems by 3.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock worth $30,435,000 after buying an additional 3,899 shares during the last quarter. USA Financial Formulas grew its position in shares of Cadence Design Systems by 380.7% during the fourth quarter. USA Financial Formulas now owns 8,922 shares of the software maker’s stock worth $2,430,000 after acquiring an additional 7,066 shares during the last quarter. Finally, Miracle Mile Advisors LLC bought a new position in Cadence Design Systems in the 4th quarter worth approximately $934,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 48,533 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $302.50, for a total value of $14,681,232.50. Following the transaction, the chief executive officer now directly owns 67,812 shares in the company, valued at $20,513,130. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Cadence Design Systems news, CFO John M. Wall sold 21,700 shares of Cadence Design Systems stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $311.40, for a total value of $6,757,380.00. Following the sale, the chief financial officer now owns 41,035 shares of the company’s stock, valued at approximately $12,778,299. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 48,533 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $302.50, for a total value of $14,681,232.50. Following the completion of the sale, the chief executive officer now owns 67,812 shares in the company, valued at approximately $20,513,130. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 132,809 shares of company stock worth $40,152,448. Insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CDNS shares. Wells Fargo & Company raised their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Bank of America boosted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Finally, Piper Sandler reduced their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday, April 23rd. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $331.11.

Cadence Design Systems Stock Performance

Cadence Design Systems stock traded down $5.78 on Thursday, hitting $305.92. The company’s stock had a trading volume of 526,603 shares, compared to its average volume of 1,531,498. The company has a fifty day moving average price of $291.35 and a 200-day moving average price of $289.84. The firm has a market cap of $83.34 billion, a P/E ratio of 81.38, a price-to-earnings-growth ratio of 3.62 and a beta of 1.04. Cadence Design Systems, Inc. has a one year low of $217.77 and a one year high of $327.36. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.02 earnings per share. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

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.