Cadence Design Systems, Inc. (NASDAQ:CDNS) Stake Lessened by Spectrum Wealth Counsel LLC

Spectrum Wealth Counsel LLC trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,188 shares of the software maker’s stock after selling 78 shares during the period. Spectrum Wealth Counsel LLC’s holdings in Cadence Design Systems were worth $5,597,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $1,141,059,000. Swedbank AB purchased a new stake in Cadence Design Systems in the 1st quarter worth approximately $439,988,000. Principal Financial Group Inc. boosted its stake in shares of Cadence Design Systems by 280.1% during the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock valued at $467,676,000 after buying an additional 1,119,824 shares during the period. BNP Paribas Financial Markets grew its holdings 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 valued at $396,470,000 after acquiring an additional 468,195 shares in the last quarter. Finally, Jennison Associates LLC increased its stake in shares of Cadence Design Systems by 6.9% in 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 last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Down 0.4 %

Cadence Design Systems stock opened at $268.72 on Friday. Cadence Design Systems, Inc. has a 52 week low of $227.05 and a 52 week high of $328.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The firm has a market capitalization of $73.58 billion, a PE ratio of 69.98, a PEG ratio of 3.19 and a beta of 1.02. The business’s 50-day simple moving average is $273.76 and its 200-day simple moving average is $291.57.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping the consensus estimate 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 company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the previous year, the business posted $0.94 EPS. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $314.57, for a total value of $471,855.00. Following the sale, the director now directly owns 46,551 shares in the company, valued at approximately $14,643,548.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at $10,278,485.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Monday, July 15th. The stock was 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 in the company, valued at approximately $14,643,548.07. The disclosure for this sale can be found here. Insiders sold a total of 36,113 shares of company stock worth $10,237,521 in the last ninety days. 1.99% of the stock is currently owned by insiders.

Analyst Ratings Changes

CDNS has been the topic of a number of recent research reports. 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 research note on Tuesday, July 23rd. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, August 6th. Bank of America lifted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Needham & Company LLC restated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Finally, KeyCorp lifted their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $334.56.

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.