Assenagon Asset Management S.A. Has $14.29 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Posted by Defense World Staff on Jul 1st, 2023

Assenagon Asset Management S.A. reduced its position in Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 80.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 68,021 shares of the software maker’s stock after selling 286,287 shares during the period. Assenagon Asset Management S.A.’s holdings in Cadence Design Systems were worth $14,291,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Allworth Financial LP lifted its stake in Cadence Design Systems by 14.4% in the 1st quarter. Allworth Financial LP now owns 454 shares of the software maker’s stock valued at $95,000 after purchasing an additional 57 shares during the last quarter. Core Alternative Capital lifted its position in Cadence Design Systems by 60.6% during the first quarter. Core Alternative Capital now owns 159 shares of the software maker’s stock worth $33,000 after acquiring an additional 60 shares during the last quarter. Ignite Planners LLC lifted its position in Cadence Design Systems by 4.4% during the first quarter. Ignite Planners LLC now owns 1,260 shares of the software maker’s stock worth $269,000 after acquiring an additional 53 shares during the last quarter. Xponance Inc. lifted its position in Cadence Design Systems by 1.9% during the first quarter. Xponance Inc. now owns 69,650 shares of the software maker’s stock worth $14,633,000 after acquiring an additional 1,286 shares during the last quarter. Finally, MJP Associates Inc. ADV acquired a new stake in Cadence Design Systems during the first quarter worth approximately $252,000. 83.62% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CDNS. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Cadence Design Systems from $222.00 to $230.00 in a research report on Wednesday, April 26th. Bank of America raised their price objective on shares of Cadence Design Systems from $225.00 to $240.00 in a research report on Tuesday, April 25th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Monday, June 26th. Robert W. Baird raised their target price on shares of Cadence Design Systems from $215.00 to $223.00 in a report on Tuesday, April 25th. Finally, KeyCorp raised their target price on shares of Cadence Design Systems from $225.00 to $235.00 in a report on Tuesday, April 25th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $220.80.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $234.52 on Friday. The company’s 50 day simple moving average is $219.59 and its 200 day simple moving average is $199.24. The stock has a market capitalization of $63.95 billion, a price-to-earnings ratio of 74.93, a price-to-earnings-growth ratio of 2.95 and a beta of 1.06. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.44 and a quick ratio of 1.33. Cadence Design Systems, Inc. has a 1 year low of $138.76 and a 1 year high of $242.65.

Cadence Design Systems (NASDAQ:CDNS – Free Report) last announced its quarterly earnings data on Monday, April 24th. The software maker reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.04. The business had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Cadence Design Systems had a net margin of 23.24% and a return on equity of 33.80%. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same period last year, the firm posted $0.95 earnings per share. As a group, research analysts predict that Cadence Design Systems, Inc. will post 3.98 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Chin-Chi Teng sold 12,858 shares of the business’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $239.54, for a total transaction of $3,080,005.32. Following the sale, the vice president now owns 126,165 shares of the company’s stock, valued at $30,221,564.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, VP Thomas P. Beckley sold 76,003 shares of Cadence Design Systems stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $209.33, for a total transaction of $15,909,707.99. Following the transaction, the vice president now owns 185,761 shares in the company, valued at $38,885,350.13. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Chin-Chi Teng sold 12,858 shares of Cadence Design Systems stock in a transaction on Friday, June 16th. The stock was sold at an average price of $239.54, for a total transaction of $3,080,005.32. Following the transaction, the vice president now owns 126,165 shares in the company, valued at approximately $30,221,564.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 215,161 shares of company stock valued at $45,379,197. 1.99% of the stock is currently owned by insiders.

About Cadence Design Systems

(Free Report)

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.