Los Angeles Capital Management LLC Sells 16,312 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Los Angeles Capital Management LLC lessened its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 84.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,903 shares of the software maker’s stock after selling 16,312 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Cadence Design Systems were worth $787,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of CDNS. Swedbank AB acquired a new position in Cadence Design Systems during the first quarter worth about $439,988,000. Principal Financial Group Inc. boosted 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 valued at $467,676,000 after acquiring an additional 1,119,824 shares in the last quarter. Van ECK Associates Corp increased its holdings in Cadence Design Systems by 26.1% in 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. bought a new position in Cadence Design Systems in the third quarter valued at about $129,285,000. Finally, 1832 Asset Management L.P. grew its holdings in shares of Cadence Design Systems by 111.5% during the first quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock worth $266,583,000 after purchasing an additional 451,530 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on 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 sale, the vice president now owns 61,111 shares in the company, valued at approximately $16,866,636. This represents a 1.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now owns 38,654 shares in the company, valued at approximately $10,278,485.14. This trade represents a 20.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,634 shares of company stock valued at $4,217,635 over the last three months. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 4.4 %

CDNS stock opened at $289.71 on Friday. The stock’s 50 day simple moving average is $273.65 and its 200 day simple moving average is $282.72. The company has a market cap of $79.46 billion, a P/E ratio of 77.22, a price-to-earnings-growth ratio of 3.75 and a beta of 1.02. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. Cadence Design Systems’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period last year, the business earned $1.01 EPS. On average, research analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CDNS shares. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Loop Capital initiated coverage on Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 price objective on the stock. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research report on Tuesday, August 6th. Mizuho assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price objective on the stock. Finally, Oppenheimer assumed coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $326.00.

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.