Lombard Odier Asset Management Europe Ltd Acquires 13,713 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Lombard Odier Asset Management Europe Ltd raised its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 20.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 80,653 shares of the software maker’s stock after buying an additional 13,713 shares during the quarter. Cadence Design Systems comprises 1.2% of Lombard Odier Asset Management Europe Ltd’s investment portfolio, making the stock its 14th largest holding. Lombard Odier Asset Management Europe Ltd’s holdings in Cadence Design Systems were worth $24,821,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Evergreen Capital Management LLC raised its position in shares of Cadence Design Systems by 6.4% during the second quarter. Evergreen Capital Management LLC now owns 2,739 shares of the software maker’s stock valued at $843,000 after buying an additional 165 shares during the last quarter. Public Sector Pension Investment Board lifted its position in shares of Cadence Design Systems by 72.4% in the 2nd quarter. Public Sector Pension Investment Board now owns 10,398 shares of the software maker’s stock worth $3,200,000 after acquiring an additional 4,366 shares during the period. DRW Securities LLC bought a new stake in shares of Cadence Design Systems in the 2nd quarter worth approximately $924,000. Fidelis Capital Partners LLC grew its holdings in shares of Cadence Design Systems by 19.0% during the 2nd quarter. Fidelis Capital Partners LLC now owns 4,368 shares of the software maker’s stock worth $1,344,000 after purchasing an additional 696 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC increased its position in shares of Cadence Design Systems by 81.1% during the second quarter. Mount Yale Investment Advisors LLC now owns 1,849 shares of the software maker’s stock valued at $569,000 after purchasing an additional 828 shares during the period. 84.85% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CFO John M. Wall sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the sale, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction dated 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 $10,278,485.14. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $413,970.00. Following the completion of the transaction, the director now owns 43,551 shares of the company’s stock, valued at $12,019,204.98. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,272 shares of company stock worth $10,833,362. Insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CDNS. KeyCorp raised their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Piper Sandler upgraded shares of 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. Robert W. Baird dropped their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. Bank of America raised their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $334.56.

Cadence Design Systems Trading Down 2.4 %

Shares of CDNS opened at $273.76 on Monday. The stock’s fifty day simple moving average is $269.55 and its 200-day simple moving average is $290.20. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $74.58 billion, a PE ratio of 71.29, a price-to-earnings-growth ratio of 3.19 and a beta of 1.02. Cadence Design Systems, Inc. has a 12-month low of $227.05 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the business posted $0.94 earnings per share. Cadence Design Systems’s revenue was up 8.6% compared to the same quarter last year. As a group, research analysts predict that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

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.