Skandinaviska Enskilda Banken AB publ Reduces Holdings in Cadence Design Systems Inc (CDNS)

Skandinaviska Enskilda Banken AB publ reduced its position in Cadence Design Systems Inc (NASDAQ:CDNS) by 3.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 401,858 shares of the software maker’s stock after selling 16,100 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Cadence Design Systems were worth $18,212,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CDNS. Parnassus Investments CA acquired a new position in Cadence Design Systems in the 2nd quarter valued at about $460,597,000. Ardevora Asset Management LLP acquired a new position in Cadence Design Systems in the 2nd quarter valued at about $34,335,000. First Trust Advisors LP grew its position in Cadence Design Systems by 31.0% in the 3rd quarter. First Trust Advisors LP now owns 2,332,181 shares of the software maker’s stock valued at $105,694,000 after acquiring an additional 551,793 shares in the last quarter. Schwab Charles Investment Management Inc. grew its position in Cadence Design Systems by 35.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 2,109,108 shares of the software maker’s stock valued at $91,346,000 after acquiring an additional 548,424 shares in the last quarter. Finally, United Services Automobile Association grew its position in Cadence Design Systems by 241.2% in the 2nd quarter. United Services Automobile Association now owns 754,340 shares of the software maker’s stock valued at $4,948,000 after acquiring an additional 533,255 shares in the last quarter. 87.56% of the stock is owned by institutional investors.

Shares of CDNS opened at $46.26 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.64 and a quick ratio of 1.58. The stock has a market capitalization of $13.02 billion, a PE ratio of 43.64, a P/E/G ratio of 3.31 and a beta of 1.12. Cadence Design Systems Inc has a 1 year low of $35.49 and a 1 year high of $47.40.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 22nd. The software maker reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.08. The business had revenue of $532.47 million during the quarter, compared to analysts’ expectations of $516.50 million. Cadence Design Systems had a return on equity of 28.44% and a net margin of 11.25%. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.35 EPS. As a group, sell-side analysts expect that Cadence Design Systems Inc will post 1.16 EPS for the current year.

CDNS has been the subject of several research reports. Credit Suisse Group lifted their target price on Cadence Design Systems from $44.00 to $46.00 and gave the company a “neutral” rating in a research report on Tuesday, July 24th. BidaskClub downgraded Cadence Design Systems from a “hold” rating to a “sell” rating in a research report on Thursday, November 1st. JPMorgan Chase & Co. raised Cadence Design Systems from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $49.00 to $51.00 in a research report on Tuesday, October 23rd. Zacks Investment Research downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, September 25th. Finally, Griffin Securities lifted their target price on Cadence Design Systems from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Tuesday, July 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $50.86.

In other news, insider Aneel Zaman sold 32,995 shares of Cadence Design Systems stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $44.46, for a total value of $1,466,957.70. Following the completion of the transaction, the insider now owns 202,927 shares in the company, valued at approximately $9,022,134.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Lip Bu Tan sold 5,469 shares of Cadence Design Systems stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $46.10, for a total value of $252,120.90. Following the completion of the transaction, the chief executive officer now owns 424,566 shares of the company’s stock, valued at approximately $19,572,492.60. The disclosure for this sale can be found here. Insiders sold a total of 313,471 shares of company stock valued at $14,296,272 in the last quarter. Company insiders own 2.55% of the company’s stock.

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Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis 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 simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.

Further Reading: Diversification For Individual Investors

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

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