Cadence Design Systems, Inc. (NASDAQ:CDNS) Position Cut by Ninety One North America Inc.

Ninety One North America Inc. trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.9% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 19,657 shares of the software maker’s stock after selling 2,164 shares during the quarter. Ninety One North America Inc.’s holdings in Cadence Design Systems were worth $5,354,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems during the third quarter valued at about $26,000. Valley National Advisers Inc. raised its stake in shares of Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after purchasing an additional 47 shares in the last quarter. Fortitude Family Office LLC bought a new stake in shares of Cadence Design Systems during the fourth quarter valued at about $28,000. Atlas Capital Advisors LLC raised its stake in shares of Cadence Design Systems by 322.6% during the second quarter. Atlas Capital Advisors LLC now owns 131 shares of the software maker’s stock valued at $31,000 after purchasing an additional 100 shares in the last quarter. Finally, Zions Bancorporation N.A. raised its stake in shares of Cadence Design Systems by 108.3% during the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after purchasing an additional 117 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,454 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the transaction, the chief executive officer now owns 136,455 shares in the company, valued at approximately $41,468,674.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the sale, the director now directly owns 53,183 shares in the company, valued at approximately $15,924,053.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Anirudh Devgan sold 1,454 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the completion of the sale, the chief executive officer now owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 177,544 shares of company stock valued at $53,581,207. 1.99% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Rosenblatt Securities cut shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $265.00 to $280.00 in a research report on Tuesday, February 13th. Wells Fargo & Company boosted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. KeyCorp upped their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Stifel Nicolaus boosted their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $318.10.

Cadence Design Systems Price Performance

Shares of CDNS traded down $8.10 during midday trading on Thursday, hitting $285.61. The company’s stock had a trading volume of 1,336,079 shares, compared to its average volume of 1,471,943. The company’s fifty day simple moving average is $306.58 and its two-hundred day simple moving average is $279.35. Cadence Design Systems, Inc. has a one year low of $194.01 and a one year high of $327.36. The stock has a market capitalization of $77.75 billion, a price-to-earnings ratio of 76.89, a price-to-earnings-growth ratio of 3.65 and a beta of 1.04. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the prior year, the business earned $0.75 EPS. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 4.82 earnings per share 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.