Cadence Design Systems, Inc. (NASDAQ:CDNS) Stake Lessened by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale trimmed its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 516,204 shares of the software maker’s stock after selling 16,352 shares during the quarter. DekaBank Deutsche Girozentrale owned approximately 0.19% of Cadence Design Systems worth $140,805,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. RiverPark Advisors LLC acquired a new position in Cadence Design Systems in the first quarter worth about $26,000. ORG Partners LLC increased its holdings in shares of Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after acquiring an additional 82 shares during the last quarter. Annapolis Financial Services LLC acquired a new stake in shares of Cadence Design Systems during the 1st quarter valued at approximately $32,000. Hollencrest Capital Management lifted its stake in Cadence Design Systems by 637.5% during the first quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after purchasing an additional 102 shares during the last quarter. Finally, Chilton Capital Management LLC boosted its holdings in Cadence Design Systems by 244.0% in the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after purchasing an additional 122 shares during the period. Institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In other news, VP Chin-Chi Teng sold 10,000 shares of the firm’s 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 transaction, the vice president now owns 95,408 shares in the company, valued at approximately $26,366,954.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, VP Chin-Chi Teng sold 10,000 shares of the 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 sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at $26,366,954.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the transaction, the vice president now owns 65,194 shares in the company, valued at approximately $17,357,250.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,347 shares of company stock worth $7,728,272. 1.99% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CDNS has been the topic of a number of research reports. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price on the stock. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday, October 7th. Robert W. Baird lowered their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Mizuho assumed coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target on the stock. Finally, Needham & Company LLC restated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $323.42.

Cadence Design Systems Stock Up 2.4 %

Shares of CDNS stock opened at $257.30 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The stock has a market cap of $70.45 billion, a PE ratio of 66.49, a price-to-earnings-growth ratio of 3.03 and a beta of 1.02. The business’s fifty day moving average is $267.42 and its 200-day moving average is $282.69. Cadence Design Systems, Inc. has a 1 year low of $228.66 and a 1 year high of $328.99.

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.