Cadence Design Systems, Inc. (NASDAQ:CDNS) Holdings Trimmed by ProShare Advisors LLC

ProShare Advisors LLC cut its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 291,349 shares of the software maker’s stock after selling 28,634 shares during the quarter. ProShare Advisors LLC owned about 0.11% of Cadence Design Systems worth $89,663,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of CDNS. Swedbank AB acquired a new stake in Cadence Design Systems during the 1st quarter worth about $439,988,000. Principal Financial Group Inc. lifted its position in shares of 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 boosted its stake 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 worth $396,470,000 after purchasing an additional 468,195 shares during the period. Jennison Associates LLC raised its stake in Cadence Design Systems by 6.9% during the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after purchasing an additional 459,603 shares during the period. Finally, 1832 Asset Management L.P. lifted its holdings 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 valued at $266,583,000 after purchasing an additional 451,530 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CDNS has been the topic of several recent analyst reports. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research report on Tuesday, August 6th. Robert W. Baird reduced their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. Bank of America boosted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note 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 company. According to MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $334.56.

Insider Transactions at Cadence Design Systems

In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $307.75, for a total value of $184,650.00. Following the transaction, the senior vice president now directly owns 19,280 shares in the company, valued at approximately $5,933,420. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $305.84, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $307.75, for a total value of $184,650.00. Following the transaction, the senior vice president now owns 19,280 shares of the company’s stock, valued at $5,933,420. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,272 shares of company stock worth $10,833,362. 1.99% of the stock is owned by insiders.

Cadence Design Systems Trading Down 2.4 %

Cadence Design Systems stock opened at $273.76 on Friday. Cadence Design Systems, Inc. has a one year low of $227.05 and a one year high of $328.99. The company’s fifty day moving average price is $269.55 and its two-hundred day moving average price is $290.36. 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 company has a market capitalization of $74.58 billion, a price-to-earnings ratio of 71.29, a PEG ratio of 3.19 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the prior year, the firm posted $0.94 EPS. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

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.