TD Asset Management Inc Has $129.53 Million Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

TD Asset Management Inc reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.1% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 420,889 shares of the software maker’s stock after selling 57,800 shares during the quarter. TD Asset Management Inc’s holdings in Cadence Design Systems were worth $129,529,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Ulland Investment Advisors LLC acquired a new position in shares of Cadence Design Systems in the first quarter worth approximately $25,000. RiverPark Advisors LLC bought a new stake in Cadence Design Systems during the first quarter worth $26,000. ORG Partners LLC grew its holdings in Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after buying an additional 82 shares in the last quarter. Annapolis Financial Services LLC bought a new stake in Cadence Design Systems during the first quarter worth $32,000. Finally, Hollencrest Capital Management grew its holdings in Cadence Design Systems by 637.5% during the first quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after buying an additional 102 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of recent analyst reports. KeyCorp upped their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research note on Tuesday, August 6th. Robert W. Baird dropped their price objective 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. Finally, Bank of America increased their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total transaction of $173,478.50. Following the sale, the vice president now owns 64,544 shares of the company’s stock, valued at $17,226,148.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the completion of the sale, the vice president now owns 64,544 shares in the company, valued at $17,226,148.16. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred 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 sale, the director now owns 46,551 shares of the company’s stock, valued at $14,643,548.07. The disclosure for this sale can be found here. Insiders have sold 38,263 shares of company stock worth $10,892,906 over the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 1.3 %

CDNS stock opened at $250.85 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a 12-month low of $227.05 and a 12-month high of $328.99. The stock has a market cap of $68.34 billion, a price-to-earnings ratio of 65.33, a PEG ratio of 3.24 and a beta of 1.03. The business’s 50-day moving average is $280.32 and its 200 day moving average is $293.20.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share 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 business had revenue of $1.06 billion for 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 revenue was up 8.6% on a year-over-year basis. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal year.

Cadence Design Systems Company 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.