Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by PFG Advisors

PFG Advisors trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 9,684 shares of the software maker’s stock after selling 947 shares during the period. PFG Advisors’ holdings in Cadence Design Systems were worth $2,625,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CDNS. Swedbank AB acquired a new position in shares of Cadence Design Systems during the first quarter valued at $439,988,000. Principal Financial Group Inc. grew its holdings in Cadence Design Systems by 280.1% during the second quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after acquiring an additional 1,119,824 shares during the period. BNP Paribas Financial Markets grew its holdings in Cadence Design Systems by 58.1% during the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after acquiring an additional 468,195 shares during the period. Jennison Associates LLC grew its holdings in Cadence Design Systems by 6.9% during the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after acquiring an additional 459,603 shares during the period. Finally, 1832 Asset Management L.P. grew its holdings in Cadence Design Systems by 111.5% during the first quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock worth $266,583,000 after acquiring an additional 451,530 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Trading Down 2.4 %

Shares of NASDAQ CDNS opened at $262.95 on Thursday. Cadence Design Systems, Inc. has a one year low of $228.66 and a one year high of $328.99. The firm has a market capitalization of $71.63 billion, a PE ratio of 68.48, a PEG ratio of 3.37 and a beta of 1.02. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The business has a 50-day moving average price of $269.94 and a two-hundred day moving average price of $285.36.

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 return on equity of 29.54% and a net margin of 25.36%. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period last year, the company posted $0.94 EPS. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. As a group, analysts predict that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.24, for a total transaction of $414,360.00. Following the completion of the sale, the director now directly owns 45,051 shares of the company’s stock, valued at $12,444,888.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.24, for a total transaction of $414,360.00. Following the completion of the sale, the director now directly owns 45,051 shares of the company’s stock, valued at $12,444,888.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.36, for a total value of $2,763,600.00. Following the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at $26,366,954.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,847 shares of company stock valued at $7,302,782 in the last three months. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CDNS. Robert W. Baird lowered their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a report on Tuesday, August 6th. KeyCorp lifted their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Oppenheimer initiated coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target for the company. 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. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $323.27.

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.