Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Congress Asset Management Co. MA

Congress Asset Management Co. MA lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,831 shares of the software maker’s stock after selling 33 shares during the period. Congress Asset Management Co. MA’s holdings in Cadence Design Systems were worth $8,125,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of Cadence Design Systems during the 4th quarter valued at approximately $1,141,059,000. Northern Trust Corp lifted its position in shares of Cadence Design Systems by 5.6% during the 3rd quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock valued at $701,927,000 after acquiring an additional 158,031 shares during the period. Invesco Ltd. lifted its position in shares of Cadence Design Systems by 4.9% during the 3rd quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock valued at $471,480,000 after acquiring an additional 93,984 shares during the period. Nordea Investment Management AB lifted its position in shares of Cadence Design Systems by 124.8% during the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after acquiring an additional 1,052,228 shares during the period. Finally, Wellington Management Group LLP lifted its position in shares of Cadence Design Systems by 143.3% during the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after acquiring an additional 962,987 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cadence Design Systems

In related news, CFO John M. Wall sold 21,700 shares of Cadence Design Systems stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $311.40, for a total transaction of $6,757,380.00. Following the transaction, the chief financial officer now owns 41,035 shares in the company, valued at approximately $12,778,299. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the transaction, the senior vice president now owns 21,080 shares in the company, valued at approximately $6,544,496.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John M. Wall sold 21,700 shares of the business’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $311.40, for a total transaction of $6,757,380.00. Following the completion of the transaction, the chief financial officer now owns 41,035 shares in the company, valued at approximately $12,778,299. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 61,334 shares of company stock worth $18,525,914. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Up 1.5 %

Shares of NASDAQ CDNS opened at $312.10 on Monday. Cadence Design Systems, Inc. has a 52-week low of $217.77 and a 52-week high of $327.36. The firm has a fifty day moving average of $291.45 and a 200-day moving average of $290.49. The stock has a market capitalization of $85.02 billion, a PE ratio of 81.28, a P/E/G ratio of 3.82 and a beta of 1.04. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.02 EPS. On average, analysts anticipate that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CDNS shares. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday, April 22nd. Bank of America raised their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, Piper Sandler dropped their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday, April 23rd. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $331.11.

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.