True Vision MN LLC Reduces Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

True Vision MN LLC lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.2% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 831 shares of the software maker’s stock after selling 55 shares during the quarter. True Vision MN LLC’s holdings in Cadence Design Systems were worth $225,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the stock. Park National Corp OH boosted its position in Cadence Design Systems by 19.8% during the second quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock worth $41,931,000 after acquiring an additional 22,537 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after buying an additional 310,250 shares during the last quarter. SG Americas Securities LLC grew its holdings in Cadence Design Systems by 88.4% in the 2nd quarter. SG Americas Securities LLC now owns 54,022 shares of the software maker’s stock valued at $16,625,000 after buying an additional 25,347 shares during the period. Teamwork Financial Advisors LLC increased its stake in shares of Cadence Design Systems by 19.4% during the 3rd quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock valued at $3,559,000 after acquiring an additional 2,136 shares during the last quarter. Finally, Vontobel Holding Ltd. lifted its holdings in shares of Cadence Design Systems by 5.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker’s stock worth $61,957,000 after acquiring an additional 11,568 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the subject of several research analyst reports. Mizuho initiated coverage on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target for the company. 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, October 29th. Berenberg Bank assumed coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price on the stock. Needham & Company LLC dropped their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Finally, Oppenheimer began coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $326.00.

Cadence Design Systems Stock Down 1.0 %

Shares of NASDAQ CDNS traded down $3.03 during trading on Wednesday, reaching $307.07. 40,279 shares of the stock were exchanged, compared to its average volume of 1,758,178. The company has a market capitalization of $84.22 billion, a price-to-earnings ratio of 81.39, a price-to-earnings-growth ratio of 4.24 and a beta of 1.02. The business’s 50-day moving average price is $280.07 and its 200 day moving average price is $283.98. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm’s revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.01 EPS. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the completion of the transaction, the vice president now directly owns 64,544 shares of the company’s stock, valued at $17,226,148.16. This trade represents a 1.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Karna Nisewaner sold 659 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $181,870.82. Following the completion of the sale, the senior vice president now owns 16,029 shares in the company, valued at approximately $4,423,683.42. This trade represents a 3.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,634 shares of company stock worth $1,558,535 in the last 90 days. 0.62% of the stock is owned by corporate insiders.

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.