Cadence Design Systems, Inc. $CDNS Stock: King Luther Capital Management Corp Reduces Position

King Luther Capital Management Corp reduced its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.2% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 113,314 shares of the software maker’s stock after selling 21,974 shares during the quarter. King Luther Capital Management Corp’s holdings in Cadence Design Systems were worth $37,415,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Van ECK Associates Corp grew its stake in shares of Cadence Design Systems by 21.8% during the second quarter. Van ECK Associates Corp now owns 4,889,765 shares of the software maker’s stock worth $1,835,227,000 after acquiring an additional 874,392 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Cadence Design Systems by 1.5% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,385,655 shares of the software maker’s stock valued at $1,270,704,000 after acquiring an additional 48,937 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Cadence Design Systems by 1,097.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,818,141 shares of the software maker’s stock valued at $930,522,000 after purchasing an additional 2,582,812 shares during the last quarter. Pictet Asset Management Holding SA raised its position in shares of Cadence Design Systems by 118.5% in the 3rd quarter. Pictet Asset Management Holding SA now owns 2,752,620 shares of the software maker’s stock valued at $908,709,000 after purchasing an additional 1,493,024 shares during the last quarter. Finally, Legal & General Group Plc acquired a new stake in Cadence Design Systems in the 2nd quarter worth approximately $702,615,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Weiss Ratings downgraded shares of Cadence Design Systems from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, November 4th. Bank of America lifted their price target on Cadence Design Systems from $400.00 to $420.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Rosenblatt Securities reiterated a “buy” rating and set a $420.00 price target on shares of Cadence Design Systems in a research note on Friday, October 23rd. Deutsche Bank reissued a “buy” rating and issued a $420.00 price objective (up from $400.00) on shares of Cadence Design Systems in a report on Wednesday, October 7th. Finally, FBN Securities began coverage on Cadence Design Systems in a research note on Friday, September 11th. They issued an “outperform” rating and a $375.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average price target of $410.05.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $329.26 on Thursday. Cadence Design Systems, Inc. has a 52-week low of $262.75 and a 52-week high of $416.69. The company has a quick ratio of 1.18, a current ratio of 1.36 and a debt-to-equity ratio of 0.29. The stock has a market cap of $90.34 billion, a PE ratio of 65.46, a price-to-earnings-growth ratio of 3.14 and a beta of 1.10. The business has a 50-day simple moving average of $319.93 and a 200-day simple moving average of $327.68.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, topping the consensus estimate of $2.05 by $0.06. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. Cadence Design Systems’s revenue for the quarter was up 22.0% compared to the same quarter last year. During the same period last year, the company earned $1.93 earnings per share. On average, equities analysts expect that Cadence Design Systems, Inc. will post 6.71 EPS for the current year.

Top Cadence Design Systems Stories

These are some of the CDNS stories that stood out recently:

• Positive Sentiment: Cadence launched the OrCAD Xplore Design Platform, which brings component research, design, supply-chain information and procurement into one environment. The product could streamline workflows for engineers and small design teams, though its financial contribution is not yet known. Article: Cadence OrCAD Xplore Design Platform Unifies Design, Component Intelligence and Procurement to Accelerate Electronics System Development
• Negative Sentiment: A recent article argues CDNS could be overvalued despite the new AI-related design-platform news. With the stock’s valuation elevated, investors may want evidence that new offerings can translate into sustained growth. Article: Cadence Design Systems Stock Could Be Overvalued On Fresh AI Design Platform News
• Negative Sentiment: VP Paul Scannell sold 2,401 shares, reducing his holding by about 8%. The transaction was made under a pre-arranged Rule 10b5-1 plan, which may lessen its significance as a bearish signal. Article: Cadence Design Systems VP Sells 2,401 Shares of Stock

Insider Buying and Selling

In other news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $285.51, for a total transaction of $51,391.80. Following the completion of the transaction, the director directly owned 7,824 shares of the company’s stock, valued at $2,233,830.24. The trade was a 2.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Scannell sold 2,401 shares of Cadence Design Systems stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $339.00, for a total transaction of $813,939.00. Following the transaction, the vice president directly owned 27,763 shares of the company’s stock, valued at approximately $9,411,657. This trade represents a 7.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 11,361 shares of company stock valued at $3,648,078. Insiders own 0.49% of the company’s stock.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc. develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards. The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.