Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Pacer Advisors Inc.

Pacer Advisors Inc. decreased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,093 shares of the software maker’s stock after selling 660 shares during the quarter. Pacer Advisors Inc.’s holdings in Cadence Design Systems were worth $12,646,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ulland Investment Advisors LLC acquired a new position in shares of Cadence Design Systems during the 1st quarter valued at $25,000. RiverPark Advisors LLC acquired a new position in shares of Cadence Design Systems during the 1st quarter valued at $26,000. ORG Partners LLC lifted its holdings in shares of Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after acquiring an additional 82 shares in the last quarter. Annapolis Financial Services LLC acquired a new position in shares of Cadence Design Systems during the 1st quarter valued at $32,000. Finally, Hollencrest Capital Management lifted its holdings 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 valued at $37,000 after acquiring an additional 102 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the topic of several analyst reports. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research note on Tuesday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, August 6th. KeyCorp lifted their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. 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 investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $334.56.

Insider Activity at Cadence Design Systems

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

Cadence Design Systems Price Performance

CDNS opened at $273.76 on Monday. 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, Inc. has a 1-year low of $227.05 and a 1-year high of $328.99. The company has a 50-day moving average of $269.55 and a 200-day moving average of $290.20. The company has a market capitalization of $74.58 billion, a P/E ratio of 71.29, a PEG ratio of 3.19 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data 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. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the prior year, the firm earned $0.94 EPS. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. Equities analysts expect that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal 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.