Thematics Asset Management Has $42.69 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Thematics Asset Management lifted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 157,520 shares of the software maker’s stock after purchasing an additional 11,445 shares during the quarter. Cadence Design Systems accounts for 1.7% of Thematics Asset Management’s holdings, making the stock its 11th largest position. Thematics Asset Management owned 0.06% of Cadence Design Systems worth $42,693,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Jennison Associates LLC lifted its position in Cadence Design Systems by 2.7% during the third quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker’s stock worth $2,061,502,000 after purchasing an additional 198,230 shares during the period. Van ECK Associates Corp raised its position in shares of Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after buying an additional 572,251 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Cadence Design Systems by 1.8% during the 2nd quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker’s stock worth $772,187,000 after acquiring an additional 43,654 shares in the last quarter. Principal Financial Group Inc. increased its stake 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 acquiring an additional 501,833 shares during the last quarter. Finally, Swedbank AB raised its position in Cadence Design Systems by 15.1% during the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after purchasing an additional 230,672 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Trading Up 0.2 %

NASDAQ CDNS traded up $0.52 on Tuesday, reaching $312.39. The company had a trading volume of 1,944,440 shares, compared to its average volume of 1,768,525. The firm has a market cap of $85.68 billion, a price-to-earnings ratio of 81.99, a P/E/G ratio of 4.23 and a beta of 1.02. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The business has a 50 day moving average of $279.36 and a two-hundred day moving average of $283.82.

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Needham & Company LLC decreased their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research report on Tuesday, August 6th. Berenberg Bank started coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price for the company. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a research note on Friday. They issued an “overweight” rating and a $350.00 price target on the stock. Finally, Mizuho assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $326.00.

Insiders Place Their Bets

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. This represents a 20.55 % 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 Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the completion of the sale, the vice president now owns 61,111 shares of the company’s stock, valued at $16,866,636. This represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,634 shares of company stock worth $4,217,635. 1.99% of the stock is currently owned by insiders.

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.