Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Lazard Asset Management LLC

Lazard Asset Management LLC boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 187,699 shares of the software maker’s stock after acquiring an additional 395 shares during the quarter. Lazard Asset Management LLC owned 0.07% of Cadence Design Systems worth $58,426,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in CDNS. Norges Bank purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $1,141,059,000. BNP Paribas Financial Markets lifted its position in shares of Cadence Design Systems by 58.1% during the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after buying an additional 468,195 shares during the last quarter. Jennison Associates LLC lifted its position in shares of Cadence Design Systems by 6.9% during the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after buying an additional 459,603 shares during the last quarter. 1832 Asset Management L.P. lifted its position in shares of Cadence Design Systems by 111.5% during the 1st quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock worth $266,583,000 after buying an additional 451,530 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Cadence Design Systems by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after buying an additional 437,101 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Wells Fargo & Company boosted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Bank of America upped their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Piper Sandler reiterated a “neutral” rating and issued a $318.00 price target on shares of Cadence Design Systems in a research report on Wednesday, July 10th. KeyCorp upped their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Insider Transactions at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the transaction, the director now directly owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the transaction, the director now directly owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the transaction, the vice president now directly owns 95,408 shares in the company, valued at $28,379,109.60. The disclosure for this sale can be found here. Insiders have sold a total of 50,134 shares of company stock valued at $14,987,093 in the last ninety days. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Performance

Cadence Design Systems stock traded up $0.41 during trading hours on Friday, reaching $258.79. 2,605,433 shares of the stock were exchanged, compared to its average volume of 1,908,584. The stock has a market cap of $70.86 billion, a P/E ratio of 67.39, a P/E/G ratio of 3.11 and a beta of 1.03. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.19 and a current ratio of 1.43. Cadence Design Systems, Inc. has a 52-week low of $217.77 and a 52-week high of $328.99. The firm’s 50 day moving average is $301.12 and its 200 day moving average is $298.06.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the prior year, the firm earned $0.94 EPS. Cadence Design Systems’s quarterly revenue was up 8.6% on a year-over-year basis. Analysts predict that Cadence Design Systems, Inc. will post 4.74 EPS for the current fiscal year.

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.