Massachusetts Financial Services Co. MA Reduces Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Massachusetts Financial Services Co. MA lessened its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,881,376 shares of the software maker’s stock after selling 1,573,540 shares during the period. Massachusetts Financial Services Co. MA owned 2.87% of Cadence Design Systems worth $2,136,089,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Axxcess Wealth Management LLC raised its holdings in shares of Cadence Design Systems by 18.0% during the 1st quarter. Axxcess Wealth Management LLC now owns 10,597 shares of the software maker’s stock worth $3,299,000 after acquiring an additional 1,618 shares during the period. Capital International Inc. CA boosted its holdings in Cadence Design Systems by 24.1% in the 1st quarter. Capital International Inc. CA now owns 5,694 shares of the software maker’s stock valued at $1,772,000 after purchasing an additional 1,104 shares during the last quarter. K2 Principal Fund L.P. purchased a new stake in shares of Cadence Design Systems in the 1st quarter valued at approximately $557,000. Guardian Capital LP increased its holdings in shares of Cadence Design Systems by 86.3% during the 1st quarter. Guardian Capital LP now owns 1,874 shares of the software maker’s stock worth $583,000 after buying an additional 868 shares during the last quarter. Finally, Evergreen Quality Fund GP Ltd. purchased a new stake in shares of Cadence Design Systems during the 1st quarter valued at approximately $50,423,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Loop Capital assumed coverage on Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price on the stock. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a report on Tuesday, August 6th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Finally, Berenberg Bank initiated coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus price target of $326.00.

Insider Activity at Cadence Design Systems

In other news, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the sale, the chief financial officer now owns 38,654 shares in the company, valued at approximately $10,278,485.14. The trade was a 20.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the completion of the transaction, the vice president now directly owns 61,111 shares in the company, valued at $16,866,636. This trade represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,634 shares of company stock valued at $4,217,635 over the last three months. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Trading Up 1.5 %

Shares of NASDAQ:CDNS opened at $304.01 on Thursday. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company’s 50 day moving average is $276.99 and its two-hundred day moving average is $283.28. The company has a market cap of $83.38 billion, a PE ratio of 79.79, a P/E/G ratio of 4.07 and a beta of 1.02. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

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