Assenagon Asset Management S.A. Sells 277,872 Shares of Cadence Design Systems, Inc. $CDNS

Assenagon Asset Management S.A. cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 35.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 508,977 shares of the software maker’s stock after selling 277,872 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Cadence Design Systems were worth $178,783,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC increased its holdings in Cadence Design Systems by 80.2% during the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker’s stock worth $456,000 after buying an additional 676 shares during the last quarter. Steward Partners Investment Advisory LLC grew its position in shares of Cadence Design Systems by 0.8% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 24,874 shares of the software maker’s stock valued at $6,326,000 after acquiring an additional 206 shares during the period. Northwest & Ethical Investments L.P. purchased a new stake in shares of Cadence Design Systems during the 1st quarter worth approximately $1,172,000. Algert Global LLC bought a new stake in shares of Cadence Design Systems in the 1st quarter worth approximately $518,000. Finally, Aptus Capital Advisors LLC lifted its stake in Cadence Design Systems by 3.0% in the first quarter. Aptus Capital Advisors LLC now owns 3,590 shares of the software maker’s stock valued at $913,000 after purchasing an additional 104 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $319.53 on Wednesday. The business’s fifty day moving average is $325.69 and its 200 day moving average is $331.11. The firm has a market cap of $86.98 billion, a price-to-earnings ratio of 82.35, a PEG ratio of 4.10 and a beta of 1.05. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.84 and a current ratio of 3.05. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $376.45.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 27th. The software maker reported $1.93 EPS for the quarter, topping the consensus estimate of $1.79 by $0.14. Cadence Design Systems had a return on equity of 30.13% and a net margin of 20.35%.The business had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter last year, the company earned $1.64 EPS. The firm’s revenue was up 10.1% compared to the same quarter last year. Cadence Design Systems has set its FY 2025 guidance at 7.020-7.080 EPS and its Q4 2025 guidance at 1.880-1.940 EPS. Research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $312.64, for a total value of $312,640.00. Following the completion of the transaction, the vice president directly owned 97,067 shares of the company’s stock, valued at $30,347,026.88. This trade represents a 1.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Scannell sold 5,490 shares of the business’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $339.43, for a total transaction of $1,863,470.70. Following the transaction, the vice president owned 20,321 shares of the company’s stock, valued at $6,897,557.03. This trade represents a 21.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 41,720 shares of company stock valued at $14,163,377 in the last quarter. 0.37% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CDNS. Wolfe Research reissued an “outperform” rating and set a $385.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 28th. Needham & Company LLC reiterated a “buy” rating and set a $390.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Oppenheimer raised Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price objective for the company in a report on Monday, December 1st. Rosenblatt Securities upped their price objective on shares of Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a report on Tuesday, October 28th. Finally, BNP Paribas began coverage on shares of Cadence Design Systems in a research report on Thursday, October 2nd. They set an “outperform” rating and a $400.00 target price for the company. Fifteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $379.11.

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.