Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by 1832 Asset Management L.P.

1832 Asset Management L.P. cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 18.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 701,696 shares of the software maker’s stock after selling 154,714 shares during the quarter. 1832 Asset Management L.P. owned 0.26% of Cadence Design Systems worth $215,947,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CDNS. Vanguard Group Inc. raised its holdings in shares of Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after purchasing an additional 437,101 shares during the last quarter. Jennison Associates LLC grew its position 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 worth $2,205,582,000 after purchasing an additional 459,603 shares during the period. Van ECK Associates Corp raised its stake in shares of Cadence Design Systems by 10.5% during the 2nd quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock valued at $675,731,000 after buying an additional 209,301 shares during the last quarter. Nordea Investment Management AB lifted its holdings in shares of Cadence Design Systems by 7.7% in the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after buying an additional 145,351 shares during the period. Finally, Swedbank AB boosted its stake in shares of Cadence Design Systems by 7.8% in the second quarter. Swedbank AB now owns 1,523,142 shares of the software maker’s stock worth $468,747,000 after buying an additional 109,662 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity 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 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 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 filing with the SEC, which is available at the SEC website. In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the sale, the vice president now owns 65,194 shares of the company’s stock, valued at $17,357,250.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction 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 transaction, the vice president now directly owns 95,408 shares in the company, valued at approximately $29,179,582.72. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,272 shares of company stock valued at $10,833,362. 1.99% of the stock is owned by insiders.

Cadence Design Systems Stock Down 2.4 %

Shares of NASDAQ CDNS opened at $273.76 on Friday. The firm has a market cap of $74.58 billion, a price-to-earnings ratio of 71.29, a price-to-earnings-growth ratio of 3.19 and a beta of 1.02. The company’s 50-day simple moving average is $269.55 and its 200-day simple moving average is $290.36. 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 52-week low of $227.05 and a 52-week high of $328.99.

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

Analysts Set New Price Targets

CDNS has been the subject of several recent research reports. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. KeyCorp boosted their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Bank of America increased their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Robert W. Baird decreased their price objective 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. Finally, Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research report on Tuesday, August 6th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $334.56.

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.