Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Ninety One North America Inc.

Ninety One North America Inc. lowered its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.9% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 19,657 shares of the software maker’s stock after selling 2,164 shares during the period. Ninety One North America Inc.’s holdings in Cadence Design Systems were worth $5,354,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CDNS. Norges Bank acquired a new position in Cadence Design Systems during the 4th quarter worth approximately $770,945,000. Alliancebernstein L.P. boosted its holdings in shares of Cadence Design Systems by 620.0% in the 4th quarter. Alliancebernstein L.P. now owns 2,954,303 shares of the software maker’s stock valued at $474,579,000 after buying an additional 2,543,966 shares in the last quarter. Moneta Group Investment Advisors LLC purchased a new stake in Cadence Design Systems in the 4th quarter valued at $227,854,000. Nordea Investment Management AB raised its position in Cadence Design Systems by 124.8% in the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after purchasing an additional 1,052,228 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in Cadence Design Systems by 143.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after purchasing an additional 962,987 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CDNS. Wells Fargo & Company upped their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday. Stifel Nicolaus increased their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th. Rosenblatt Securities lowered shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $265.00 to $280.00 in a report on Tuesday, February 13th. Finally, Robert W. Baird raised their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $318.10.

Cadence Design Systems Stock Down 2.8 %

Shares of CDNS traded down $8.10 during mid-day trading on Thursday, reaching $285.61. 1,336,079 shares of the stock traded hands, compared to its average volume of 1,471,943. The firm has a market cap of $77.75 billion, a price-to-earnings ratio of 76.89, a P/E/G ratio of 3.65 and a beta of 1.04. The stock has a fifty day simple moving average of $306.58 and a 200 day simple moving average of $279.35. Cadence Design Systems, Inc. has a 12-month low of $194.01 and a 12-month high of $327.36. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter last year, the company earned $0.75 earnings per share. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. Sell-side analysts expect that Cadence Design Systems, Inc. will post 4.82 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the sale, the director now owns 53,183 shares of the company’s stock, valued at $15,924,053.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the sale, the director now owns 53,183 shares of the company’s stock, valued at $15,924,053.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 177,544 shares of company stock valued at $53,581,207. 1.99% of the stock is currently owned by corporate insiders.

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.