GLOBALT Investments LLC GA Has $3.19 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

GLOBALT Investments LLC GA lowered its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 39.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 11,775 shares of the software maker’s stock after selling 7,712 shares during the period. GLOBALT Investments LLC GA’s holdings in Cadence Design Systems were worth $3,191,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Capital Market Strategies LLC grew its position in Cadence Design Systems by 3.1% in the 2nd quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock worth $400,000 after purchasing an additional 39 shares in the last quarter. Dudley Capital Management LLC grew its holdings in shares of Cadence Design Systems by 4.3% in the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock valued at $257,000 after acquiring an additional 39 shares in the last quarter. Trust Point Inc. increased its position in shares of Cadence Design Systems by 2.9% during the third quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock valued at $379,000 after acquiring an additional 40 shares during the last quarter. Falcon Wealth Planning lifted its holdings in Cadence Design Systems by 5.1% during the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock worth $222,000 after acquiring an additional 40 shares during the period. Finally, Venture Visionary Partners LLC boosted its position in Cadence Design Systems by 2.5% in the third quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock worth $463,000 after purchasing an additional 41 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on CDNS. Berenberg Bank began coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price on the stock. Oppenheimer started coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target for the company. Needham & Company LLC dropped their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Loop Capital initiated coverage on Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price for the company. Finally, Robert W. Baird lifted their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating 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 MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $326.00.

Cadence Design Systems Trading Down 4.4 %

Shares of CDNS opened at $289.71 on Monday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The firm has a market cap of $79.46 billion, a price-to-earnings ratio of 76.04, a PEG ratio of 3.93 and a beta of 1.02. The firm has a 50 day moving average price of $274.49 and a 200-day moving average price of $282.88. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99.

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

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, SVP Karna Nisewaner sold 659 shares of the stock in a transaction 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 completion of 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the transaction, the vice president now owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. The trade was a 1.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,634 shares of company stock worth $4,217,635 over the last quarter. 1.99% of the stock is currently owned by insiders.

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.