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

Fmr LLC trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 22.4% in the third quarter, HoldingsChannel reports. The institutional investor owned 7,339,506 shares of the software maker’s stock after selling 2,119,025 shares during the period. Fmr LLC’s holdings in Cadence Design Systems were worth $1,989,226,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Swedbank AB acquired a new stake in Cadence Design Systems during the first quarter worth about $439,988,000. Principal Financial Group Inc. grew its holdings in shares of Cadence Design Systems by 280.1% during 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 increased its position in Cadence Design Systems by 26.1% during 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 in the last quarter. Meridiem Investment Management Ltd. acquired a new position in Cadence Design Systems during the third quarter valued at approximately $129,285,000. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in Cadence Design Systems by 48.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after buying an additional 310,250 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the sale, the director now owns 43,551 shares in the company, valued at approximately $12,019,204.98. The trade was a 3.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction 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 approximately $16,866,636. The trade was a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,634 shares of company stock valued at $1,558,535 over the last ninety days. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $310.10 on Wednesday. The firm’s 50 day moving average is $280.07 and its two-hundred day moving average is $283.98. The firm has a market capitalization of $85.05 billion, a P/E ratio of 81.39, a PEG ratio of 4.23 and a beta of 1.02. 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.

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Berenberg Bank began coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a report on Tuesday, August 6th. Needham & Company LLC lowered their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Finally, Wells Fargo & Company assumed coverage on Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.

About Cadence Design Systems

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.