Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC reduced its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,667 shares of the software maker’s stock after selling 2,647 shares during the period. Intech Investment Management LLC’s holdings in Cadence Design Systems were worth $4,206,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fiduciary Trust Co raised its position in Cadence Design Systems by 0.6% in the 4th quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock valued at $1,833,000 after purchasing an additional 39 shares in the last quarter. Capital Market Strategies LLC raised its holdings in Cadence Design Systems by 3.1% in the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after acquiring an additional 39 shares in the last quarter. Inspire Advisors LLC lifted its stake in Cadence Design Systems by 1.8% in the first quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock worth $694,000 after acquiring an additional 40 shares during the last quarter. Wealthcare Advisory Partners LLC grew its holdings in Cadence Design Systems by 4.5% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after acquiring an additional 41 shares in the last quarter. Finally, First Affirmative Financial Network increased its position in shares of Cadence Design Systems by 3.6% in the 1st quarter. First Affirmative Financial Network now owns 1,325 shares of the software maker’s stock valued at $412,000 after purchasing an additional 46 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cadence Design Systems

In related news, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction dated 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 transaction, the vice president now owns 95,408 shares in the company, valued at approximately $29,179,582.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction on Monday, July 1st. The shares were sold at an average price of $305.84, for a total value of $3,058,400.00. Following the transaction, the vice president now directly owns 95,408 shares in the company, valued at approximately $29,179,582.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $307.75, for a total transaction of $184,650.00. Following the transaction, the senior vice president now owns 19,280 shares of the company’s stock, valued at approximately $5,933,420. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,272 shares of company stock worth $10,833,362. Company insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, August 6th. KeyCorp increased their price objective on 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 target price on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Finally, Robert W. Baird dropped their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $334.56.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $273.76 on Friday. The stock has a market cap of $74.58 billion, a P/E ratio of 71.29, a P/E/G ratio of 3.19 and a beta of 1.02. Cadence Design Systems, Inc. has a twelve month low of $227.05 and a twelve month high of $328.99. The stock has a 50 day moving average of $269.55 and a two-hundred day moving average of $290.36. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23.

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

Cadence Design Systems 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.