Ameritas Investment Partners Inc. Reduces Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ameritas Investment Partners Inc. trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 10,755 shares of the software maker’s stock after selling 79 shares during the quarter. Ameritas Investment Partners Inc.’s holdings in Cadence Design Systems were worth $3,310,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Ulland Investment Advisors LLC purchased a new stake in shares of Cadence Design Systems in the 1st quarter worth about $25,000. RiverPark Advisors LLC purchased a new stake in shares of Cadence Design Systems in the first quarter valued at about $26,000. ORG Partners LLC grew its position in shares of Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after purchasing an additional 82 shares during the last quarter. Annapolis Financial Services LLC purchased a new position in shares of Cadence Design Systems during the 1st quarter worth approximately $32,000. Finally, Hollencrest Capital Management raised its position in shares of Cadence Design Systems by 637.5% during the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after purchasing an additional 102 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

CDNS 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 50 day simple moving average is $269.55 and its 200 day simple moving average is $290.36. 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. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43.

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

Insider Buying and Selling at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the transaction, the director now directly owns 46,551 shares in the company, valued at approximately $14,643,548.07. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $314.57, for a total value of $471,855.00. Following the completion of the sale, the director now owns 46,551 shares of the company’s stock, valued at $14,643,548.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Karna Nisewaner sold 659 shares of Cadence Design Systems stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $181,870.82. Following the transaction, the senior vice president now owns 16,029 shares in the company, valued at approximately $4,423,683.42. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 38,272 shares of company stock valued at $10,833,362. Company insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CDNS shares. Robert W. Baird lowered their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Bank of America lifted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. KeyCorp upped their target price 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. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a report on Tuesday, August 6th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.