Nisa Investment Advisors LLC Decreases Stock Holdings in Cadence Design Systems, Inc. $CDNS

Nisa Investment Advisors LLC cut its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 52.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 63,980 shares of the software maker’s stock after selling 71,076 shares during the period. Nisa Investment Advisors LLC’s holdings in Cadence Design Systems were worth $19,715,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Cadence Design Systems by 1.7% in the first quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker’s stock valued at $6,698,834,000 after purchasing an additional 429,955 shares during the period. Jennison Associates LLC increased its stake in Cadence Design Systems by 13.2% in the first quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker’s stock valued at $2,305,489,000 after purchasing an additional 1,054,702 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Cadence Design Systems by 7.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,729,026 shares of the software maker’s stock valued at $1,202,733,000 after purchasing an additional 312,757 shares during the period. Invesco Ltd. increased its stake in Cadence Design Systems by 14.0% in the first quarter. Invesco Ltd. now owns 2,416,284 shares of the software maker’s stock valued at $614,534,000 after purchasing an additional 296,983 shares during the period. Finally, Principal Financial Group Inc. increased its stake in Cadence Design Systems by 0.4% in the first quarter. Principal Financial Group Inc. now owns 2,245,930 shares of the software maker’s stock valued at $571,208,000 after purchasing an additional 8,361 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $348.27, for a total value of $348,270.00. Following the sale, the vice president owned 99,672 shares of the company’s stock, valued at $34,712,767.44. This represents a 0.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $334.51, for a total transaction of $60,211.80. Following the completion of the sale, the director directly owned 7,830 shares in the company, valued at $2,619,213.30. This trade represents a 2.25% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,680 shares of company stock worth $3,729,852. 0.37% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of recent research reports. Rosenblatt Securities restated a “neutral” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, October 22nd. Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $340.00 to $380.00 and gave the company an “outperform” rating in a research note on Monday, July 28th. BNP Paribas Exane assumed coverage on shares of Cadence Design Systems in a research note on Thursday, October 2nd. They set an “outperform” rating and a $400.00 price target on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Cadence Design Systems in a research note on Friday. Finally, Loop Capital boosted their price target on shares of Cadence Design Systems from $370.00 to $390.00 and gave the stock a “buy” rating in a research note on Tuesday, July 29th. Thirteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $369.71.

Cadence Design Systems Trading Up 2.3%

Shares of CDNS opened at $345.10 on Monday. The company has a current ratio of 2.82, a quick ratio of 2.67 and a debt-to-equity ratio of 0.49. The firm’s 50-day moving average is $346.99 and its two-hundred day moving average is $323.11. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $376.45. The firm has a market capitalization of $94.04 billion, a P/E ratio of 93.27, a PEG ratio of 4.52 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period in the prior year, the business posted $1.28 earnings per share. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

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.