Mediolanum International Funds Ltd Reduces Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mediolanum International Funds Ltd reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.9% in the 3rd quarter, Holdings Channel.com reports. The firm owned 9,955 shares of the software maker’s stock after selling 300 shares during the period. Mediolanum International Funds Ltd’s holdings in Cadence Design Systems were worth $2,724,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of CDNS. RiverPark Advisors LLC purchased a new position in shares of Cadence Design Systems in the 1st quarter valued at about $26,000. ORG Partners LLC raised its holdings in Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after purchasing an additional 82 shares in the last quarter. Annapolis Financial Services LLC purchased a new stake in shares of Cadence Design Systems during the 1st quarter worth approximately $32,000. Hollencrest Capital Management boosted its holdings in shares of Cadence Design Systems by 637.5% in the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after buying an additional 102 shares in the last quarter. Finally, Chilton Capital Management LLC raised its stake in Cadence Design Systems by 244.0% during the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after acquiring an additional 122 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $257.30 on Friday. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a fifty-two week low of $228.66 and a fifty-two week high of $328.99. The firm’s fifty day simple moving average is $267.42 and its 200-day simple moving average is $282.89. The stock has a market cap of $70.45 billion, a PE ratio of 66.49, a price-to-earnings-growth ratio of 3.03 and a beta of 1.02.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CDNS shares. Oppenheimer began coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target for the company. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a research note on Tuesday, August 6th. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $323.42.

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.24, for a total transaction of $414,360.00. Following the completion of the transaction, the director now directly owns 45,051 shares of the company’s stock, valued at approximately $12,444,888.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the sale, the vice president now owns 65,194 shares of the company’s stock, valued at $17,357,250.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.24, for a total transaction of $414,360.00. Following the completion of the transaction, the director now directly owns 45,051 shares of the company’s stock, valued at $12,444,888.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 28,347 shares of company stock worth $7,728,272. Company insiders own 1.99% of the company’s stock.

About Cadence Design Systems

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.