Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Ithaka Group LLC

Ithaka Group LLC decreased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.9% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 29,452 shares of the software maker’s stock after selling 2,180 shares during the quarter. Cadence Design Systems accounts for 1.5% of Ithaka Group LLC’s holdings, making the stock its 23rd largest position. Ithaka Group LLC’s holdings in Cadence Design Systems were worth $7,982,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Swedbank AB acquired a new position in Cadence Design Systems in the 1st quarter worth approximately $439,988,000. Principal Financial Group Inc. boosted its stake in Cadence Design Systems by 280.1% in the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after purchasing an additional 1,119,824 shares during the period. Van ECK Associates Corp boosted its stake in Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after purchasing an additional 572,251 shares during the period. Meridiem Investment Management Ltd. acquired a new position in Cadence Design Systems in the 3rd quarter worth approximately $129,285,000. Finally, 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 purchasing an additional 310,250 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the transaction, the vice president now owns 61,111 shares of the company’s stock, valued at $16,866,636. This represents a 1.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO John M. Wall sold 10,000 shares of the stock in a transaction dated Wednesday, August 28th. The stock was 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 directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. This trade represents a 20.55 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,634 shares of company stock valued at $4,217,635. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Up 0.8 %

Cadence Design Systems stock opened at $306.39 on Friday. The firm has a fifty day moving average price of $277.72 and a two-hundred day moving average price of $283.44. The firm has a market cap of $84.03 billion, a price-to-earnings ratio of 80.42, a P/E/G ratio of 4.07 and a beta of 1.02. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The business had revenue of $1.22 billion during 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 for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.01 earnings per share. As a group, analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Oppenheimer began coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research note on Friday. They set an “overweight” rating and a $350.00 target price for the company. Robert W. Baird lifted their target price 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. Finally, Berenberg Bank began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price for the company. One research 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’s stock. According to data from MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average price target 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.