MML Investors Services LLC Purchases 1,079 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

MML Investors Services LLC raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.5% in the third quarter, HoldingsChannel.com reports. The firm owned 73,978 shares of the software maker’s stock after purchasing an additional 1,079 shares during the quarter. MML Investors Services LLC’s holdings in Cadence Design Systems were worth $20,050,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Cadence Design Systems by 48.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after acquiring an additional 310,250 shares during the period. Caisse DE Depot ET Placement DU Quebec acquired a new stake in shares of Cadence Design Systems in the 3rd quarter valued at $24,026,000. Teamwork Financial Advisors LLC boosted its holdings in shares of Cadence Design Systems by 19.4% in the 3rd quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock valued at $3,559,000 after purchasing an additional 2,136 shares in the last quarter. Vontobel Holding Ltd. raised its holdings in shares of Cadence Design Systems by 5.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker’s stock worth $61,957,000 after buying an additional 11,568 shares in the last quarter. Finally, Meridiem Investment Management Ltd. bought a new stake in shares of Cadence Design Systems during the 3rd quarter worth $129,285,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cadence Design Systems

In related news, SVP Karna Nisewaner sold 659 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $181,870.82. Following the transaction, the senior vice president now directly owns 16,029 shares of the company’s stock, valued at approximately $4,423,683.42. This represents a 3.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $413,970.00. Following the completion of the sale, the director now directly owns 43,551 shares of the company’s stock, valued at $12,019,204.98. This trade represents a 3.33 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,634 shares of company stock valued at $1,584,080. 0.62% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Up 0.7 %

Shares of NASDAQ CDNS opened at $309.75 on Tuesday. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. 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 company’s 50 day moving average price is $286.53 and its 200-day moving average price is $285.22. The company has a market capitalization of $84.95 billion, a P/E ratio of 81.30, a price-to-earnings-growth ratio of 4.17 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating 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 business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the prior year, the firm posted $1.01 earnings per share. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. Equities analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Oppenheimer began coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price on the stock. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price on the stock. Robert W. Baird upped their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Finally, Mizuho started coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price objective on the stock. 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 company presently has an average rating of “Moderate Buy” and an average target price of $326.00.

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.