Beck Bode LLC Trims Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Beck Bode LLC trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 65.4% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 1,306 shares of the software maker’s stock after selling 2,472 shares during the period. Beck Bode LLC’s holdings in Cadence Design Systems were worth $402,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CDNS. Ulland Investment Advisors LLC acquired a new position in shares of Cadence Design Systems during the first quarter worth about $25,000. RiverPark Advisors LLC acquired a new position in shares of Cadence Design Systems during the first quarter worth about $26,000. ORG Partners LLC increased its stake in shares of Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after acquiring an additional 82 shares during the period. Annapolis Financial Services LLC acquired a new position in shares of Cadence Design Systems during the first quarter worth about $32,000. Finally, Union Savings Bank acquired a new position in shares of Cadence Design Systems during the fourth quarter worth about $33,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CDNS has been the topic of several recent analyst reports. Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Robert W. Baird lowered their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Bank of America upped their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Finally, KeyCorp upped their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $334.56.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $274.79 on Wednesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The company has a market capitalization of $74.86 billion, a price-to-earnings ratio of 71.56, a PEG ratio of 3.19 and a beta of 1.02. The company’s 50 day simple moving average is $272.06 and its 200 day simple moving average is $291.01. Cadence Design Systems, Inc. has a 1 year low of $227.05 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. Cadence Design Systems’s revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.94 earnings per share. On average, sell-side analysts predict that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction 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 owns 64,544 shares of the company’s stock, valued at $17,226,148.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the completion of the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $29,179,582.72. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the sale, the vice president now directly owns 64,544 shares of the company’s stock, valued at $17,226,148.16. The disclosure for this sale can be found here. Insiders have sold a total of 36,113 shares of company stock valued at $10,237,521 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.