Geneva Capital Management LLC Decreases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Geneva Capital Management LLC trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.9% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 76,962 shares of the software maker’s stock after selling 1,508 shares during the quarter. Geneva Capital Management LLC’s holdings in Cadence Design Systems were worth $23,957,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Cadence Design Systems by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock worth $6,674,006,000 after purchasing an additional 384,637 shares during the last quarter. Jennison Associates LLC lifted its holdings in Cadence Design Systems by 6.9% in the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after acquiring an additional 459,603 shares during the period. Norges Bank purchased a new position in Cadence Design Systems in the fourth quarter worth about $1,141,059,000. Nordea Investment Management AB grew its stake in shares of Cadence Design Systems by 7.7% during the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after purchasing an additional 145,351 shares during the period. Finally, Van ECK Associates Corp increased its position in shares of Cadence Design Systems by 25.4% during the 1st quarter. Van ECK Associates Corp now owns 1,986,413 shares of the software maker’s stock valued at $618,330,000 after purchasing an additional 402,884 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CDNS shares. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Wells Fargo & Company raised their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. KeyCorp lifted their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Finally, Robert W. Baird increased their target price on shares of Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a report on Tuesday, July 2nd. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $334.89.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded down $5.73 on Thursday, hitting $314.07. 1,368,603 shares of the company traded hands, compared to its average volume of 1,535,019. Cadence Design Systems, Inc. has a 52 week low of $217.77 and a 52 week high of $328.99. The business has a 50-day simple moving average of $300.41 and a 200 day simple moving average of $296.24. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The stock has a market capitalization of $85.56 billion, a P/E ratio of 81.79, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03.

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

Insider Activity at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the transaction, the director now directly owns 50,183 shares in the company, valued at approximately $15,498,015.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the sale, the director now directly owns 50,183 shares in the company, valued at approximately $15,498,015.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $307.75, for a total value of $184,650.00. Following the sale, the senior vice president now directly owns 19,280 shares in the company, valued at $5,933,420. The disclosure for this sale can be found here. Over the last three months, insiders sold 50,134 shares of company stock valued at $14,978,483. Insiders own 0.62% of the company’s stock.

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.