Alkeon Capital Management LLC Has $440.05 Million Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Alkeon Capital Management LLC decreased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,623,604 shares of the software maker’s stock after selling 876 shares during the period. Cadence Design Systems comprises 0.8% of Alkeon Capital Management LLC’s portfolio, making the stock its 17th largest holding. Alkeon Capital Management LLC owned about 0.59% of Cadence Design Systems worth $440,045,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. ORG Partners LLC lifted its position in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after buying an additional 82 shares in the last quarter. Missouri Trust & Investment Co purchased a new stake in shares of Cadence Design Systems during the third quarter worth $27,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of Cadence Design Systems during the third quarter worth $28,000. Chilton Capital Management LLC raised its holdings in shares of Cadence Design Systems by 244.0% during the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after acquiring an additional 122 shares in the last quarter. Finally, Larson Financial Group LLC raised its holdings in shares of Cadence Design Systems by 159.7% during the second quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock worth $62,000 after acquiring an additional 123 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total transaction of $425,490.00. Following the transaction, the director now directly owns 42,051 shares in the company, valued at $11,928,186.66. The trade was a 3.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the transaction, the vice president now owns 64,544 shares in the company, valued at $17,226,148.16. This represents a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,634 shares of company stock worth $1,558,535. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Trading Down 1.7 %

Cadence Design Systems stock opened at $304.68 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The business’s 50-day simple moving average is $281.26 and its 200-day simple moving average is $284.26. The firm has a market capitalization of $83.56 billion, a PE ratio of 79.97, a PEG ratio of 4.24 and a beta of 1.02. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.01 earnings per share. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Robert W. Baird increased their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a report on Tuesday, August 6th. Loop Capital assumed coverage on Cadence Design Systems in a report on Monday, November 11th. They set a “buy” rating and a $360.00 price objective for the company. Mizuho started coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price objective for the company. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $326.00.

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.