International Assets Investment Management LLC Sells 88 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

International Assets Investment Management LLC lessened its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,149 shares of the software maker’s stock after selling 88 shares during the period. International Assets Investment Management LLC’s holdings in Cadence Design Systems were worth $354,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of CDNS. Vanguard Group Inc. raised its position in shares of Cadence Design Systems by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after acquiring an additional 437,101 shares in the last quarter. Jennison Associates LLC increased its holdings in Cadence Design Systems by 6.9% in the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after purchasing an additional 459,603 shares in the last quarter. Norges Bank acquired a new position in Cadence Design Systems in the fourth quarter valued at approximately $1,141,059,000. Nordea Investment Management AB boosted its holdings in shares of Cadence Design Systems by 7.7% during the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock worth $636,172,000 after buying an additional 145,351 shares in the last quarter. Finally, Van ECK Associates Corp grew its position in shares of Cadence Design Systems by 25.4% during the 1st quarter. Van ECK Associates Corp now owns 1,986,413 shares of the software maker’s stock worth $618,330,000 after buying an additional 402,884 shares during the period. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $268.93 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. The firm has a 50-day moving average of $284.47 and a 200-day moving average of $294.25. Cadence Design Systems, Inc. has a one year low of $227.05 and a one year high of $328.99. The company has a market cap of $73.26 billion, a P/E ratio of 70.03, a P/E/G ratio of 3.14 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period last year, the company posted $0.94 earnings per share. Cadence Design Systems’s quarterly revenue was up 8.6% compared to the same quarter last year. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.74 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the sale, the chief financial officer now owns 38,654 shares in the company, valued at approximately $10,278,485.14. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $309.09, for a total transaction of $463,635.00. Following the completion of the transaction, the director now owns 48,051 shares in the company, valued at $14,852,083.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the sale, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 70,397 shares of company stock worth $20,464,944. 1.99% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on CDNS shares. Bank of America increased 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 note on Thursday, May 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, August 6th. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research report on Tuesday, August 6th. Finally, Robert W. Baird reduced their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $334.56.

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.