Massachusetts Financial Services Co. MA Sells 718,034 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Massachusetts Financial Services Co. MA reduced its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,454,916 shares of the software maker’s stock after selling 718,034 shares during the quarter. Cadence Design Systems comprises 0.9% of Massachusetts Financial Services Co. MA’s holdings, making the stock its 18th largest holding. Massachusetts Financial Services Co. MA owned about 3.47% of Cadence Design Systems worth $2,909,750,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in CDNS. Ulland Investment Advisors LLC bought a new stake in shares of Cadence Design Systems during the 1st quarter valued at about $25,000. RiverPark Advisors LLC bought a new position in shares of Cadence Design Systems during the 1st quarter worth approximately $26,000. ORG Partners LLC grew its position in shares of Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after buying an additional 82 shares during the period. Annapolis Financial Services LLC acquired a new stake in shares of Cadence Design Systems during the 1st quarter worth approximately $32,000. Finally, Hollencrest Capital Management increased its stake in shares of Cadence Design Systems by 637.5% in the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after acquiring an additional 102 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on CDNS. KeyCorp increased their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Robert W. Baird reduced their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Bank of America raised their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, August 6th. 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.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the completion of the transaction, the vice president now owns 64,544 shares in the company, valued at $17,226,148.16. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the sale, the vice president now owns 64,544 shares of the company’s stock, valued at approximately $17,226,148.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. The disclosure for this sale can be found here. Insiders have sold 36,113 shares of company stock worth $10,237,521 in the last ninety days. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 0.4 %

Shares of Cadence Design Systems stock opened at $268.72 on Monday. 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 stock has a fifty day simple moving average of $273.76 and a 200 day simple moving average of $291.51. Cadence Design Systems, Inc. has a 12-month low of $227.05 and a 12-month high of $328.99. The company has a market capitalization of $73.58 billion, a P/E ratio of 69.98, a price-to-earnings-growth ratio of 3.19 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last announced 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. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.94 EPS. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

About Cadence Design Systems

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.