Freemont Management S.A. Decreases Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Freemont Management S.A. trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 83.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,800 shares of the software maker’s stock after selling 23,900 shares during the quarter. Freemont Management S.A.’s holdings in Cadence Design Systems were worth $1,477,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ulland Investment Advisors LLC purchased a new stake in Cadence Design Systems in the 1st quarter worth about $25,000. RiverPark Advisors LLC bought a new position in Cadence Design Systems in the 1st quarter worth about $26,000. ORG Partners LLC grew its stake in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after acquiring an additional 82 shares in the last quarter. Annapolis Financial Services LLC bought a new position in Cadence Design Systems in the 1st quarter worth about $32,000. Finally, Hollencrest Capital Management grew its stake in Cadence Design Systems by 637.5% in the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after acquiring an additional 102 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a report on Tuesday, August 6th. Bank of America raised their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. KeyCorp raised their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Finally, Robert W. Baird dropped their price target 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. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total transaction of $173,478.50. Following the completion of the transaction, the vice president now directly owns 64,544 shares of the company’s stock, valued at $17,226,148.16. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $307.75, for a total transaction of $184,650.00. Following the sale, the senior vice president now owns 19,280 shares in the company, valued at $5,933,420. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was 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 disclosure for this sale can be found here. In the last three months, insiders sold 38,263 shares of company stock valued at $10,892,906. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Up 1.7 %

NASDAQ CDNS traded up $4.22 during trading hours on Monday, reaching $251.74. The company had a trading volume of 185,330 shares, compared to its average volume of 1,712,010. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $68.93 billion, a P/E ratio of 64.46, a price-to-earnings-growth ratio of 2.98 and a beta of 1.02. The stock has a 50-day moving average of $279.11 and a 200 day moving average of $292.93. 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 released its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the business earned $0.94 EPS. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. As a group, research analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

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.