Ascent Group LLC Lowers Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ascent Group LLC cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 30.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,491 shares of the software maker’s stock after selling 1,102 shares during the period. Ascent Group LLC’s holdings in Cadence Design Systems were worth $767,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Brick & Kyle Associates purchased a new position in Cadence Design Systems during the second quarter valued at $762,000. Susquehanna Fundamental Investments LLC purchased a new position in Cadence Design Systems during the second quarter valued at $1,914,000. Scientech Research LLC lifted its holdings in Cadence Design Systems by 4.3% during the second quarter. Scientech Research LLC now owns 7,442 shares of the software maker’s stock valued at $2,290,000 after purchasing an additional 308 shares in the last quarter. Legal & General Group Plc lifted its holdings in Cadence Design Systems by 1.8% during the second quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker’s stock valued at $772,187,000 after purchasing an additional 43,654 shares in the last quarter. Finally, MBB Public Markets I LLC purchased a new position in Cadence Design Systems during the second quarter valued at $5,826,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at $26,366,954.88. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred 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 transaction, the director now owns 46,551 shares in the company, valued at $14,643,548.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the completion of the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $26,366,954.88. The disclosure for this sale can be found here. Insiders sold a total of 27,672 shares of company stock worth $7,590,312 over the last three months. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $271.03 on Tuesday. Cadence Design Systems, Inc. has a 12-month low of $227.77 and a 12-month high of $328.99. The stock has a market cap of $73.83 billion, a P/E ratio of 70.58, a PEG ratio of 3.30 and a beta of 1.02. The company has a 50-day moving average price of $267.11 and a 200 day moving average price of $288.67. 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 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. 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 analysts’ expectations of $1.04 billion. During the same period last year, the business earned $0.94 earnings per share. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. Sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Oppenheimer began coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective on the stock. Robert W. Baird decreased 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. 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 reissued a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $323.60.

About Cadence Design Systems

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.