Skandinaviska Enskilda Banken AB publ Sells 36,349 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Skandinaviska Enskilda Banken AB publ lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 261,126 shares of the software maker’s stock after selling 36,349 shares during the period. Skandinaviska Enskilda Banken AB publ owned approximately 0.10% of Cadence Design Systems worth $80,324,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. AE Wealth Management LLC grew its stake in Cadence Design Systems by 2.4% in the second quarter. AE Wealth Management LLC now owns 7,110 shares of the software maker’s stock valued at $2,188,000 after acquiring an additional 170 shares during the period. King Luther Capital Management Corp grew its position in shares of Cadence Design Systems by 271.9% in the 2nd quarter. King Luther Capital Management Corp now owns 102,509 shares of the software maker’s stock valued at $31,547,000 after purchasing an additional 74,943 shares during the period. ASB Consultores LLC grew its position in shares of Cadence Design Systems by 74.8% in the 2nd quarter. ASB Consultores LLC now owns 1,778 shares of the software maker’s stock valued at $547,000 after purchasing an additional 761 shares during the period. Davidson Capital Management Inc. raised its holdings in Cadence Design Systems by 0.9% during the 2nd quarter. Davidson Capital Management Inc. now owns 9,887 shares of the software maker’s stock worth $3,043,000 after buying an additional 92 shares during the period. Finally, Benjamin F. Edwards & Company Inc. lifted its stake in Cadence Design Systems by 26.3% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 16,226 shares of the software maker’s stock valued at $4,993,000 after buying an additional 3,382 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the completion of the transaction, the director now directly owns 43,551 shares in the company, valued at $12,019,204.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $29,179,582.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the transaction, the director now directly owns 43,551 shares in the company, valued at $12,019,204.98. 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. Insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the subject of several recent research reports. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Piper Sandler upgraded 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 note on Tuesday, August 6th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Robert W. Baird reduced their price target on 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. Finally, KeyCorp boosted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $334.56.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $280.35 on Friday. The business has a fifty day simple moving average of $270.39 and a 200 day simple moving average of $290.78. The company has a market cap of $76.37 billion, a P/E ratio of 73.01, a P/E/G ratio of 3.19 and a beta of 1.02. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a twelve month low of $227.05 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping 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 firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the previous year, the firm posted $0.94 earnings per share. The company’s revenue was up 8.6% on a year-over-year basis. On average, sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.73 EPS 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.