Citigroup Inc. Sells 42,094 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Citigroup Inc. cut its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 722,646 shares of the software maker’s stock after selling 42,094 shares during the period. Citigroup Inc. owned about 0.26% of Cadence Design Systems worth $195,859,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Capital International Inc. CA boosted its position 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 buying an additional 1,104 shares during the period. Guardian Capital LP boosted its holdings in shares of Cadence Design Systems by 86.3% in the first quarter. Guardian Capital LP now owns 1,874 shares of the software maker’s stock valued at $583,000 after purchasing an additional 868 shares during the period. LRI Investments LLC bought a new position in Cadence Design Systems in the first quarter worth approximately $387,000. Hood River Capital Management LLC increased its holdings in Cadence Design Systems by 124.1% during the 1st quarter. Hood River Capital Management LLC now owns 45,156 shares of the software maker’s stock worth $14,056,000 after purchasing an additional 25,007 shares during the period. Finally, London & Capital Asset Management Ltd lifted its holdings in shares of 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 worth $26,450,000 after buying an additional 1,501 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $413,970.00. Following the sale, the director now directly owns 43,551 shares of the company’s stock, valued at $12,019,204.98. This represents a 3.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. This represents a 20.55 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,634 shares of company stock valued at $4,217,635. Company insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on CDNS. Robert W. Baird lifted their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Needham & Company LLC cut their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research report on Friday. They issued an “overweight” rating and a $350.00 price target for the company. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Oppenheimer began coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. One investment 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. Based on data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $326.00.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $306.39 on Friday. The company has a market cap of $84.03 billion, a price-to-earnings ratio of 80.42, a PEG ratio of 4.07 and a beta of 1.02. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The stock’s fifty day moving average price is $277.72 and its 200 day moving average price is $283.44. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data 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 business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the company earned $1.01 earnings per share. The company’s revenue was up 18.8% on a year-over-year basis. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

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.