Cadence Design Systems Inc (CDNS) Holdings Raised by Pictet Asset Management Ltd.

Pictet Asset Management Ltd. raised its holdings in Cadence Design Systems Inc (NASDAQ:CDNS) by 1.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,355,461 shares of the software maker’s stock after acquiring an additional 99,437 shares during the quarter. Pictet Asset Management Ltd.’s holdings in Cadence Design Systems were worth $242,709,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the business. Korea Investment CORP increased its position in Cadence Design Systems by 107.7% during the 3rd quarter. Korea Investment CORP now owns 420,059 shares of the software maker’s stock worth $19,037,000 after purchasing an additional 217,827 shares in the last quarter. Credit Suisse AG increased its position in Cadence Design Systems by 17.6% during the 3rd quarter. Credit Suisse AG now owns 494,267 shares of the software maker’s stock worth $22,400,000 after purchasing an additional 73,980 shares in the last quarter. DekaBank Deutsche Girozentrale increased its position in Cadence Design Systems by 11.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 240,948 shares of the software maker’s stock worth $11,406,000 after purchasing an additional 24,318 shares in the last quarter. Rafferty Asset Management LLC increased its position in Cadence Design Systems by 15.4% during the 3rd quarter. Rafferty Asset Management LLC now owns 43,665 shares of the software maker’s stock worth $1,979,000 after purchasing an additional 5,814 shares in the last quarter. Finally, American International Group Inc. increased its position in Cadence Design Systems by 5.6% during the 3rd quarter. American International Group Inc. now owns 116,097 shares of the software maker’s stock worth $5,262,000 after purchasing an additional 6,182 shares in the last quarter. 88.26% of the stock is owned by institutional investors.

CDNS opened at $42.61 on Monday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.64 and a quick ratio of 1.58. The stock has a market capitalization of $12.02 billion, a price-to-earnings ratio of 40.20, a price-to-earnings-growth ratio of 3.05 and a beta of 1.12. Cadence Design Systems Inc has a 12 month low of $35.49 and a 12 month high of $47.40.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 22nd. The software maker reported $0.49 EPS for the quarter, beating the consensus estimate of $0.41 by $0.08. The company had revenue of $532.47 million during the quarter, compared to analysts’ expectations of $516.50 million. Cadence Design Systems had a return on equity of 28.44% and a net margin of 11.25%. The firm’s revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.35 EPS. As a group, sell-side analysts forecast that Cadence Design Systems Inc will post 1.16 EPS for the current fiscal year.

In other news, insider Aneel Zaman sold 32,995 shares of the business’s stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $44.46, for a total transaction of $1,466,957.70. Following the completion of the sale, the insider now owns 202,927 shares in the company, valued at approximately $9,022,134.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Lip Bu Tan sold 5,469 shares of the business’s stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $46.10, for a total value of $252,120.90. Following the sale, the chief executive officer now owns 424,566 shares of the company’s stock, valued at approximately $19,572,492.60. The disclosure for this sale can be found here. Insiders sold a total of 213,471 shares of company stock valued at $9,763,272 in the last 90 days. 2.28% of the stock is owned by company insiders.

A number of research firms recently commented on CDNS. BidaskClub cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, August 22nd. JPMorgan Chase & Co. upgraded Cadence Design Systems from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $49.00 to $51.00 in a report on Tuesday, October 23rd. Zacks Investment Research cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Tuesday, September 25th. Berenberg Bank initiated coverage on Cadence Design Systems in a report on Tuesday, November 20th. They issued a “hold” rating and a $50.00 price target for the company. Finally, Benchmark upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $51.00 price target for the company in a report on Tuesday, October 23rd. Five equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Cadence Design Systems currently has an average rating of “Buy” and a consensus price target of $50.75.

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About Cadence Design Systems

Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis 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 simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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