Sei Investments Co. Buys 17,086 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sei Investments Co. increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 364,382 shares of the software maker’s stock after purchasing an additional 17,086 shares during the period. Sei Investments Co. owned approximately 0.13% of Cadence Design Systems worth $112,141,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CDNS. Swedbank AB bought a new position in shares of Cadence Design Systems in the first quarter worth approximately $439,988,000. Principal Financial Group Inc. lifted its position in Cadence Design Systems by 280.1% in the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock valued at $467,676,000 after acquiring an additional 1,119,824 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Cadence Design Systems by 58.1% in the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after acquiring an additional 468,195 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Cadence Design Systems by 6.9% in the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after purchasing an additional 459,603 shares in the last quarter. Finally, 1832 Asset Management L.P. raised its stake in shares of Cadence Design Systems by 111.5% in the first quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock worth $266,583,000 after purchasing an additional 451,530 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems 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 of the company’s stock, valued at $12,019,204.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the sale, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $29,179,582.72. The sale 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 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 value of $413,970.00. Following the completion of the transaction, the director now owns 43,551 shares of the company’s stock, valued at $12,019,204.98. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,272 shares of company stock valued at $10,833,362. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Trading Down 2.4 %

Shares of Cadence Design Systems stock opened at $273.76 on Friday. Cadence Design Systems, Inc. has a 1-year low of $227.05 and a 1-year high of $328.99. The company’s fifty day simple moving average is $269.55 and its 200-day simple moving average is $290.48. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. The stock has a market capitalization of $74.58 billion, a PE ratio of 71.29, a P/E/G ratio of 3.19 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.06. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. Cadence Design Systems’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.94 earnings per share. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently commented on CDNS. Robert W. Baird dropped their price objective on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Bank of America raised their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. KeyCorp boosted their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Needham & Company LLC restated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Finally, Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research report on Tuesday, August 6th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $334.56.

Cadence Design Systems Company 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.