Zevenbergen Capital Investments LLC Reduces Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Zevenbergen Capital Investments LLC reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) by 0.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 186,671 shares of the software maker’s stock after selling 279 shares during the period. Cadence Design Systems comprises approximately 1.2% of Zevenbergen Capital Investments LLC’s portfolio, making the stock its 28th largest position. Zevenbergen Capital Investments LLC owned approximately 0.07% of Cadence Design Systems worth $50,844,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. DekaBank Deutsche Girozentrale boosted its position 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 acquiring an additional 99,251 shares in the last quarter. USA Financial Formulas increased its stake in Cadence Design Systems by 380.7% in the fourth quarter. USA Financial Formulas now owns 8,922 shares of the software maker’s stock valued at $2,430,000 after purchasing an additional 7,066 shares during the last quarter. Miracle Mile Advisors LLC acquired a new stake in Cadence Design Systems during the fourth quarter worth approximately $934,000. Pacer Advisors Inc. lifted its position in shares of Cadence Design Systems by 9.4% during the 4th quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock worth $11,006,000 after buying an additional 3,484 shares during the last quarter. Finally, Patton Fund Management Inc. acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $5,264,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded down $0.12 during midday trading on Friday, reaching $288.81. The stock had a trading volume of 895,919 shares, compared to its average volume of 1,746,309. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The stock has a market cap of $78.60 billion, a P/E ratio of 75.21, a P/E/G ratio of 3.41 and a beta of 1.06. The firm has a fifty day simple moving average of $297.52 and a two-hundred day simple moving average of $285.45. Cadence Design Systems, Inc. has a 12-month low of $203.13 and a 12-month high of $327.36.

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

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the completion of the sale, the senior vice president now owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $309.16, for a total value of $463,740.00. Following the completion of the transaction, the director now owns 51,683 shares in the company, valued at $15,978,316.28. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $165,216.00. Following the completion of the sale, the senior vice president now directly owns 20,480 shares in the company, valued at $5,639,372.80. The disclosure for this sale can be found here. In the last three months, insiders sold 109,298 shares of company stock valued at $33,247,394. Corporate insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on CDNS shares. Wells Fargo & Company upped 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 note on Tuesday, April 16th. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. KeyCorp boosted their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. Finally, Robert W. Baird lifted their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $326.11.

Check Out Our Latest Research Report on Cadence Design Systems

Cadence Design Systems Company Profile

(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.

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

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