Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Ithaka Group LLC

Ithaka Group LLC lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 29,452 shares of the software maker’s stock after selling 2,180 shares during the period. Cadence Design Systems accounts for about 1.5% of Ithaka Group LLC’s holdings, making the stock its 23rd biggest position. Ithaka Group LLC’s holdings in Cadence Design Systems were worth $7,982,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Capital International Inc. CA increased its position in Cadence Design Systems by 24.1% during the 1st quarter. Capital International Inc. CA now owns 5,694 shares of the software maker’s stock worth $1,772,000 after purchasing an additional 1,104 shares during the period. Guardian Capital LP lifted its stake in Cadence Design Systems by 86.3% in the 1st quarter. Guardian Capital LP now owns 1,874 shares of the software maker’s stock valued at $583,000 after buying an additional 868 shares in the last quarter. LRI Investments LLC purchased a new stake in Cadence Design Systems in the 1st quarter valued at approximately $387,000. Hood River Capital Management LLC lifted its stake in Cadence Design Systems by 124.1% in the 1st quarter. Hood River Capital Management LLC now owns 45,156 shares of the software maker’s stock valued at $14,056,000 after buying an additional 25,007 shares in the last quarter. Finally, London & Capital Asset Management Ltd lifted its stake in Cadence Design Systems by 1.8% in the 1st quarter. London & Capital Asset Management Ltd now owns 84,971 shares of the software maker’s stock valued at $26,450,000 after buying an additional 1,501 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $413,970.00. Following the transaction, the director now owns 43,551 shares in the company, valued at $12,019,204.98. This trade represents a 3.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John M. Wall sold 10,000 shares of the firm’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 transaction, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. This represents a 20.55 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,634 shares of company stock valued at $4,217,635. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $306.39 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The company’s 50-day simple moving average is $277.72 and its 200-day simple moving average is $283.44. The stock has a market capitalization of $84.03 billion, a price-to-earnings ratio of 80.42, a PEG ratio of 4.07 and a beta of 1.02.

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

Analysts Set New Price Targets

CDNS has been the topic of a number of recent research reports. Needham & Company LLC reduced their target price 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. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research note on Tuesday, August 6th. Robert W. Baird increased their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. 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 price target on the stock. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $326.00.

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.