Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Summit Trail Advisors LLC

Summit Trail Advisors LLC lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 21.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,726 shares of the software maker’s stock after selling 752 shares during the period. Summit Trail Advisors LLC’s holdings in Cadence Design Systems were worth $739,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in CDNS. Missouri Trust & Investment Co acquired a new stake in shares of Cadence Design Systems in the 3rd quarter valued at approximately $27,000. ORG Partners LLC lifted its holdings in Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after acquiring an additional 82 shares during the period. MidAtlantic Capital Management Inc. purchased a new stake in shares of Cadence Design Systems during the 3rd quarter worth $28,000. Chilton Capital Management LLC grew its stake in shares of Cadence Design Systems by 244.0% during the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after purchasing an additional 122 shares during the period. Finally, Meeder Asset Management Inc. increased its holdings in shares of Cadence Design Systems by 30.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after purchasing an additional 47 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CDNS shares. Mizuho initiated coverage on shares of Cadence Design Systems in a report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price objective on the stock. Loop Capital started coverage on Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target on the stock. Needham & Company LLC reduced their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Robert W. Baird upped their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $326.00.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $312.39 on Tuesday. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The firm has a market cap of $85.68 billion, a price-to-earnings ratio of 81.99, a price-to-earnings-growth ratio of 4.23 and a beta of 1.02. The company’s 50-day moving average is $279.36 and its two-hundred day moving average is $283.82. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The firm had revenue of $1.22 billion for 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%. Cadence Design Systems’s revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.01 earnings per share. Research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the completion of the sale, the vice president now directly owns 64,544 shares in the company, valued at approximately $17,226,148.16. The trade was a 1.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total transaction of $425,490.00. Following the transaction, the director now directly owns 42,051 shares in the company, valued at approximately $11,928,186.66. This represents a 3.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,634 shares of company stock valued at $4,217,635 over the last quarter. Company insiders own 1.99% of the company’s stock.

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.