Quantinno Capital Management LP Raises Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Quantinno Capital Management LP grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 58,176 shares of the software maker’s stock after purchasing an additional 2,342 shares during the quarter. Quantinno Capital Management LP’s holdings in Cadence Design Systems were worth $15,767,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Missouri Trust & Investment Co bought a new stake in shares of Cadence Design Systems in the third quarter valued at about $27,000. ORG Partners LLC raised its holdings in shares of Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after acquiring an additional 82 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new stake in shares of Cadence Design Systems in the third quarter valued at about $28,000. Chilton Capital Management LLC raised its holdings in shares of Cadence Design Systems by 244.0% in the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after acquiring an additional 122 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its holdings in shares of Cadence Design Systems by 30.3% in the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after acquiring an additional 47 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

CDNS opened at $324.54 on Thursday. The firm’s 50-day moving average price is $284.49 and its 200-day moving average price is $284.97. The company has a market cap of $89.01 billion, a P/E ratio of 85.18, a price-to-earnings-growth ratio of 4.25 and a beta of 1.03. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.01 earnings per share. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, SVP Karna Nisewaner sold 659 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $181,870.82. Following the sale, the senior vice president now owns 16,029 shares in the company, valued at approximately $4,423,683.42. This represents a 3.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total value of $199,023.50. Following the completion of the sale, the vice president now owns 60,461 shares in the company, valued at approximately $18,512,553.59. This represents a 1.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,634 shares of company stock worth $1,584,080 over the last quarter. Insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on CDNS shares. Oppenheimer started coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price for the company. Mizuho started coverage on shares of Cadence Design Systems in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 target price for the company. Needham & Company LLC reduced their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Robert W. Baird boosted their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $326.00.

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.