Everence Capital Management Inc. Sells 2,340 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Everence Capital Management Inc. lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 18.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,624 shares of the software maker’s stock after selling 2,340 shares during the period. Everence Capital Management Inc.’s holdings in Cadence Design Systems were worth $3,192,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CDNS. Sumitomo Mitsui Trust Group Inc. boosted its stake in Cadence Design Systems by 48.3% in the third 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 in the last quarter. Caisse DE Depot ET Placement DU Quebec purchased a new stake in shares of Cadence Design Systems in the 3rd quarter valued at $24,026,000. Teamwork Financial Advisors LLC grew its holdings 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 purchasing an additional 2,136 shares during the last quarter. Vontobel Holding Ltd. lifted its stake in Cadence Design Systems by 5.3% in the third quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker’s stock worth $61,957,000 after purchasing an additional 11,568 shares during the last quarter. Finally, Meridiem Investment Management Ltd. purchased a new stake in Cadence Design Systems during the third quarter valued at about $129,285,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock traded up $4.06 on Friday, hitting $301.72. 231,023 shares of the company’s stock were exchanged, compared to its average volume of 672,849. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The stock has a market capitalization of $82.75 billion, a PE ratio of 79.19, a PEG ratio of 4.19 and a beta of 1.03. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The company has a 50-day simple moving average of $300.69 and a 200-day simple moving average of $286.47.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results 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 business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.01 earnings per share. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on CDNS shares. Needham & Company LLC decreased their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Berenberg Bank initiated coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective for the company. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. Loop Capital started coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price target for the company. Finally, Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus price target of $327.92.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the sale, the vice president now directly owns 61,111 shares in the company, valued at approximately $16,866,636. The trade was a 1.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO John M. Wall sold 4,224 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total value of $1,305,342.72. Following the transaction, the chief financial officer now owns 29,248 shares of the company’s stock, valued at approximately $9,038,509.44. The trade was a 12.62 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,220 shares of company stock valued at $3,085,474. Company insiders own 1.99% of the company’s stock.

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.