Acadian Asset Management LLC Sells 13,965 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Acadian Asset Management LLC cut its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,001,791 shares of the software maker’s stock after selling 13,965 shares during the period. Cadence Design Systems comprises about 1.1% of Acadian Asset Management LLC’s portfolio, making the stock its 16th largest position. Acadian Asset Management LLC owned approximately 0.37% of Cadence Design Systems worth $311,803,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ulland Investment Advisors LLC acquired a new stake in Cadence Design Systems during the 1st quarter worth $25,000. Valley National Advisers Inc. raised its position 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 worth $26,000 after purchasing an additional 47 shares during the period. RiverPark Advisors LLC bought a new position in shares of Cadence Design Systems during the 1st quarter valued at about $26,000. Fortitude Family Office LLC acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at approximately $28,000. Finally, Annapolis Financial Services LLC bought a new stake in Cadence Design Systems during the 1st quarter worth approximately $32,000. 84.85% of the stock is owned by institutional investors.

Insider Activity

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $287.14, for a total transaction of $430,710.00. Following the completion of the sale, the director now directly owns 49,551 shares in the company, valued at $14,228,074.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $287.14, for a total transaction of $430,710.00. Following the sale, the director now directly owns 49,551 shares in the company, valued at $14,228,074.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the sale, the senior vice president now directly owns 20,480 shares of the company’s stock, valued at approximately $5,639,372.80. The disclosure for this sale can be found here. Insiders have sold 50,134 shares of company stock valued at $14,987,093 over the last ninety days. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Up 0.8 %

Shares of NASDAQ CDNS traded up $2.12 during mid-day trading on Friday, hitting $279.95. The company had a trading volume of 2,607,527 shares, compared to its average volume of 1,519,109. Cadence Design Systems, Inc. has a one year low of $217.77 and a one year high of $328.99. The company has a market capitalization of $76.26 billion, a PE ratio of 72.90, a price-to-earnings-growth ratio of 3.43 and a beta of 1.03. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The firm has a 50-day simple moving average of $302.82 and a two-hundred day simple moving average of $297.62.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period last year, the company earned $1.02 earnings per share. The business’s revenue was down 1.2% compared to the same quarter last year. On average, equities analysts expect that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have weighed in on CDNS shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Friday, May 17th. KeyCorp boosted their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Robert W. Baird increased their target price on Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a report on Tuesday, July 2nd. Bank of America boosted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Finally, Wells Fargo & Company upped their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $334.89.

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.