Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Vestcor Inc

Vestcor Inc lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 39.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 16,392 shares of the software maker’s stock after selling 10,694 shares during the period. Vestcor Inc’s holdings in Cadence Design Systems were worth $4,443,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of CDNS. Sumitomo Mitsui Trust Group Inc. grew its stake in Cadence Design Systems by 48.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after acquiring an additional 310,250 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec purchased a new stake in Cadence Design Systems during the 3rd quarter valued at about $24,026,000. Teamwork Financial Advisors LLC grew its stake in 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 in the last quarter. Vontobel Holding Ltd. grew its stake in Cadence Design Systems by 5.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker’s stock valued at $61,957,000 after acquiring an additional 11,568 shares in the last quarter. Finally, Meridiem Investment Management Ltd. purchased a new stake in Cadence Design Systems during the 3rd quarter valued at about $129,285,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $273.44, for a total value of $177,736.00. Following the sale, the vice president now directly owns 61,761 shares in the company, valued at approximately $16,887,927.84. This trade represents a 1.04 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the sale, the director now owns 43,551 shares in the company, valued at $12,019,204.98. This represents a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,634 shares of company stock worth $1,584,080. 0.62% of the stock is currently owned by corporate insiders.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $302.86 on Wednesday. The firm has a market cap of $83.06 billion, a PE ratio of 79.49, a price-to-earnings-growth ratio of 4.17 and a beta of 1.03. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The company’s 50 day moving average is $286.53 and its two-hundred day moving average is $285.22.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the business earned $1.01 EPS. The company’s revenue was up 18.8% on a year-over-year basis. On average, research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CDNS has been the subject of several analyst reports. Robert W. Baird increased their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Needham & Company LLC dropped their price target on shares of 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. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target for the company. Berenberg Bank started coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective for the company. Finally, Mizuho started 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 objective for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $326.00.

Cadence Design Systems 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.