Cornerstone Advisors LLC Sells 3,074 Shares of Cadence Design Systems, Inc. $CDNS

Cornerstone Advisors LLC decreased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.1% in the third quarter, HoldingsChannel.com reports. The firm owned 40,072 shares of the software maker’s stock after selling 3,074 shares during the quarter. Cornerstone Advisors LLC’s holdings in Cadence Design Systems were worth $13,231,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Van ECK Associates Corp lifted its position in shares of Cadence Design Systems by 21.8% during the 2nd quarter. Van ECK Associates Corp now owns 4,889,765 shares of the software maker’s stock valued at $1,835,227,000 after buying an additional 874,392 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Cadence Design Systems by 1.5% in the 2nd 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 worth $1,270,704,000 after acquiring an additional 48,937 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in 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 worth $930,522,000 after acquiring an additional 2,582,812 shares in the last quarter. Pictet Asset Management Holding SA increased its holdings in 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 worth $908,709,000 after acquiring an additional 1,493,024 shares in the last quarter. Finally, Legal & General Group Plc acquired a new position in Cadence Design Systems during the second quarter worth $702,615,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 3.1%

Shares of NASDAQ CDNS opened at $323.01 on Friday. The company has a 50 day simple moving average of $320.83 and a 200-day simple moving average of $327.76. The company has a market capitalization of $88.63 billion, a P/E ratio of 64.22, a P/E/G ratio of 3.16 and a beta of 1.10. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.18. Cadence Design Systems, Inc. has a 1 year low of $262.75 and a 1 year high of $416.69.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, beating the consensus estimate of $2.05 by $0.06. The business 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%. The company’s quarterly revenue was up 22.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.93 EPS. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In related news, Director Lewis Chew sold 375 shares of the firm’s stock in a transaction dated Tuesday, November 10th. The stock was sold at an average price of $331.43, for a total transaction of $124,286.25. Following the completion of the transaction, the director directly owned 8,756 shares in the company, valued at $2,902,001.08. This trade represents a 4.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ita M. Brennan sold 180 shares of the firm’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $285.51, for a total value of $51,391.80. Following the transaction, the director owned 7,824 shares of the company’s stock, valued at $2,233,830.24. This trade represents a 2.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 11,736 shares of company stock worth $3,772,365 in the last three months. Company insiders own 0.49% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Rothschild & Co Redburn raised their price target on shares of Cadence Design Systems from $385.00 to $395.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Robert W. Baird boosted their price objective on Cadence Design Systems from $420.00 to $440.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 27th. Rosenblatt Securities reissued a “buy” rating and set a $420.00 target price on shares of Cadence Design Systems in a report on Friday, October 23rd. FBN Securities initiated coverage on Cadence Design Systems in a research report on Friday, September 11th. They issued an “outperform” rating and a $375.00 target price on the stock. Finally, Needham & Company LLC lifted their price target on Cadence Design Systems from $400.00 to $430.00 and gave the stock a “buy” rating in a research note on Tuesday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $410.05.

Cadence Design Systems 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.