Cadence Design Systems, Inc. (NASDAQ:CDNS) Position Trimmed by Victory Capital Management Inc.

Victory Capital Management Inc. reduced its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.3% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 408,655 shares of the software maker’s stock after selling 68,204 shares during the quarter. Victory Capital Management Inc. owned approximately 0.15% of Cadence Design Systems worth $110,758,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Concurrent Investment Advisors LLC acquired a new position in Cadence Design Systems in the first quarter valued at approximately $274,000. Avantax Advisory Services Inc. grew its stake in Cadence Design Systems by 36.3% during the 1st quarter. Avantax Advisory Services Inc. now owns 2,791 shares of the software maker’s stock worth $869,000 after buying an additional 743 shares during the last quarter. D Orazio & Associates Inc. acquired a new stake in Cadence Design Systems in the first quarter worth $207,000. Element Capital Management LLC bought a new stake in Cadence Design Systems in the first quarter valued at $1,860,000. Finally, Leo Wealth LLC acquired a new position in shares of Cadence Design Systems during the first quarter valued at $225,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total value of $2,763,600.00. Following the completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at approximately $26,366,954.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total value 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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total value of $2,763,600.00. Following the sale, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $26,366,954.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,347 shares of company stock worth $7,734,616. Insiders own 0.62% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CDNS. Loop Capital started coverage on shares of Cadence Design Systems in a research report on Monday. They issued a “buy” rating and a $360.00 price objective on the stock. Robert W. Baird lifted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Oppenheimer began coverage on Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. Berenberg Bank began coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price on the stock. Finally, Mizuho began coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $326.00.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $297.77 on Wednesday. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. 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 has a market cap of $81.67 billion, a P/E ratio of 78.15, a price-to-earnings-growth ratio of 3.68 and a beta of 1.02. The company’s fifty day moving average is $270.73 and its two-hundred day moving average is $282.30.

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, topping analysts’ consensus estimates of $1.44 by $0.20. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period last year, the company posted $1.01 EPS. Equities analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Cadence Design Systems Company 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.