Envestnet Asset Management Inc. Lowers Holdings in Cadence Design Systems, Inc. $CDNS

Envestnet Asset Management Inc. cut its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,096,105 shares of the software maker’s stock after selling 23,866 shares during the period. Envestnet Asset Management Inc. owned 0.40% of Cadence Design Systems worth $337,764,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Novem Group lifted its holdings in Cadence Design Systems by 30.3% in the 1st quarter. Novem Group now owns 4,067 shares of the software maker’s stock worth $1,034,000 after purchasing an additional 945 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Cadence Design Systems by 10.9% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 142,994 shares of the software maker’s stock worth $44,064,000 after purchasing an additional 14,022 shares in the last quarter. Brookstone Capital Management lifted its holdings in Cadence Design Systems by 19.9% in the 1st quarter. Brookstone Capital Management now owns 17,430 shares of the software maker’s stock worth $4,433,000 after purchasing an additional 2,898 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Cadence Design Systems by 22.5% in the 1st quarter. GAMMA Investing LLC now owns 4,790 shares of the software maker’s stock worth $1,218,000 after purchasing an additional 879 shares in the last quarter. Finally, Amalgamated Bank raised its holdings in shares of Cadence Design Systems by 2.2% during the 1st quarter. Amalgamated Bank now owns 58,225 shares of the software maker’s stock worth $14,808,000 after acquiring an additional 1,228 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $334.51, for a total value of $60,211.80. Following the transaction, the director owned 7,830 shares of the company’s stock, valued at $2,619,213.30. This represents a 2.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $348.27, for a total value of $348,270.00. Following the completion of the transaction, the vice president directly owned 99,672 shares in the company, valued at $34,712,767.44. This trade represents a 0.99% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,680 shares of company stock valued at $3,729,852. 0.37% of the stock is currently owned by insiders.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $345.10 on Monday. The company has a market cap of $94.04 billion, a P/E ratio of 93.27, a P/E/G ratio of 4.52 and a beta of 0.99. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.67 and a current ratio of 2.82. The business’s 50 day moving average price is $346.99 and its 200-day moving average price is $323.11. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45.

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

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on CDNS shares. KeyCorp upped their price objective on Cadence Design Systems from $358.00 to $405.00 and gave the stock an “overweight” rating in a report on Tuesday, July 29th. Piper Sandler reaffirmed a “neutral” rating and set a $355.00 price objective (up from $328.00) on shares of Cadence Design Systems in a report on Tuesday, July 29th. Berenberg Bank set a $400.00 price objective on Cadence Design Systems in a report on Wednesday, July 30th. Stifel Nicolaus upped their price objective on Cadence Design Systems from $350.00 to $395.00 and gave the stock a “buy” rating in a report on Tuesday, July 29th. Finally, BNP Paribas Exane started coverage on Cadence Design Systems in a report on Thursday, October 2nd. They set an “outperform” rating and a $400.00 price objective on the stock. Thirteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $369.71.

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.