Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by GLOBALT Investments LLC GA

GLOBALT Investments LLC GA trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 39.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,775 shares of the software maker’s stock after selling 7,712 shares during the quarter. GLOBALT Investments LLC GA’s holdings in Cadence Design Systems were worth $3,191,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CDNS. TIAA Trust National Association raised its position in shares of Cadence Design Systems by 3.0% during the 1st quarter. TIAA Trust National Association now owns 2,369 shares of the software maker’s stock worth $737,000 after purchasing an additional 70 shares during the last quarter. Covestor Ltd grew its position in Cadence Design Systems by 66.1% in the first quarter. Covestor Ltd now owns 568 shares of the software maker’s stock worth $177,000 after acquiring an additional 226 shares during the period. O Shaughnessy Asset Management LLC increased its stake in Cadence Design Systems by 3.1% during the first quarter. O Shaughnessy Asset Management LLC now owns 36,875 shares of the software maker’s stock worth $11,478,000 after acquiring an additional 1,108 shares during the last quarter. UniSuper Management Pty Ltd raised its position in Cadence Design Systems by 18.5% in the first quarter. UniSuper Management Pty Ltd now owns 38,388 shares of the software maker’s stock valued at $11,949,000 after purchasing an additional 6,001 shares during the period. Finally, Capitolis Liquid Global Markets LLC purchased a new stake in Cadence Design Systems in the first quarter valued at $9,307,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of recent analyst reports. Needham & Company LLC cut their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Berenberg Bank started coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target on the stock. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Finally, Robert W. Baird lifted their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average target price of $326.00.

Insider Buying and Selling at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $413,970.00. Following the completion of the sale, the director now owns 43,551 shares of the company’s stock, valued at approximately $12,019,204.98. This represents a 3.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the transaction, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. The trade was a 20.55 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 15,634 shares of company stock worth $4,217,635. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 4.4 %

Shares of Cadence Design Systems stock opened at $289.71 on Monday. 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 simple moving average is $274.49 and its 200-day simple moving average is $282.88. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The firm has a market cap of $79.46 billion, a price-to-earnings ratio of 76.04, a price-to-earnings-growth ratio of 3.93 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share 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 net margin of 23.87% and a return on equity of 28.49%. The company’s revenue was up 18.8% on a year-over-year basis. During the same period last year, the company posted $1.01 EPS. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

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.