Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,881,376 shares of the software maker’s stock after selling 1,573,540 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Cadence Design Systems were worth $2,136,089,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Intech Investment Management LLC lifted its holdings in Cadence Design Systems by 3.7% in the third quarter. Intech Investment Management LLC now owns 14,166 shares of the software maker’s stock valued at $3,839,000 after acquiring an additional 499 shares during the period. King Luther Capital Management Corp lifted its stake in shares of Cadence Design Systems by 26.6% in the third quarter. King Luther Capital Management Corp now owns 129,767 shares of the software maker’s stock valued at $35,171,000 after purchasing an additional 27,258 shares during the period. Citizens Financial Group Inc. RI boosted its holdings in Cadence Design Systems by 3.3% during the third quarter. Citizens Financial Group Inc. RI now owns 4,463 shares of the software maker’s stock worth $1,210,000 after buying an additional 141 shares in the last quarter. First Horizon Advisors Inc. grew its position in Cadence Design Systems by 8.2% during the third quarter. First Horizon Advisors Inc. now owns 5,606 shares of the software maker’s stock worth $1,519,000 after buying an additional 424 shares during the period. Finally, Jennison Associates LLC increased its holdings in Cadence Design Systems by 2.7% in the third quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker’s stock valued at $2,061,502,000 after buying an additional 198,230 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $304.01 on Thursday. The stock has a fifty day moving average price of $276.99 and a 200 day moving average price of $283.28. 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, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The firm has a market capitalization of $83.38 billion, a P/E ratio of 79.79, a PEG ratio of 4.07 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion for 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 quarterly revenue was up 18.8% on a year-over-year basis. During the same period last year, the company earned $1.01 earnings per share. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction 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 directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $276.00, for a total value of $179,400.00. Following the transaction, the vice president now owns 61,111 shares in the company, valued at approximately $16,866,636. This represents a 1.05 % 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. Company insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the subject of several research reports. Berenberg Bank initiated coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective for the company. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Mizuho began coverage on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 target price for the company. Loop Capital initiated coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target on the stock. Finally, Piper Sandler upgraded 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. 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 company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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.