Cadence Design Systems, Inc. $CDNS Stock Sold by Eurizon Capital SGR S.p.A.

Eurizon Capital SGR S.p.A. lessened its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 161,901 shares of the software maker’s stock after selling 17,374 shares during the period. Eurizon Capital SGR S.p.A. owned approximately 0.06% of Cadence Design Systems worth $53,441,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of CDNS. Avalon Trust Co bought a new stake in Cadence Design Systems in the second quarter valued at approximately $30,000. Fiduciary Financial Advisors bought a new stake in Cadence Design Systems in the second quarter worth approximately $31,000. Arlington Trust Co LLC increased its stake in Cadence Design Systems by 154.3% in the second quarter. Arlington Trust Co LLC now owns 89 shares of the software maker’s stock valued at $33,000 after purchasing an additional 54 shares in the last quarter. Burkett Financial Services LLC acquired a new position in Cadence Design Systems during the 3rd quarter worth approximately $30,000. Finally, Balance Wealth Partners LLC acquired a new stake in shares of Cadence Design Systems in the 3rd quarter worth about $32,000. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the topic of a number of research analyst reports. Citigroup boosted their target price on Cadence Design Systems from $400.00 to $420.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. KeyCorp reaffirmed an “overweight” rating on shares of Cadence Design Systems in a report on Tuesday, October 27th. Needham & Company LLC increased their price objective on Cadence Design Systems from $400.00 to $430.00 and gave the stock a “buy” rating in a research report on Tuesday, October 27th. Bank of America raised their price target on Cadence Design Systems from $400.00 to $420.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Finally, Mizuho set a $400.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $410.05.

Insider Activity

In other news, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $350.07, for a total transaction of $437,587.50. Following the completion of the sale, the director owned 39,544 shares of the company’s stock, valued at approximately $13,843,168.08. The trade was a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Lewis Chew sold 375 shares of the company’s stock in a transaction on Tuesday, November 10th. The stock was sold at an average price of $331.43, for a total value of $124,286.25. Following the sale, the director owned 8,756 shares of the company’s stock, valued at approximately $2,902,001.08. This represents a 4.11% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 11,736 shares of company stock valued at $3,772,365. Insiders own 0.49% of the company’s stock.

Cadence Design Systems Stock Down 3.1%

Cadence Design Systems stock opened at $323.01 on Friday. The firm has a market cap of $88.63 billion, a price-to-earnings ratio of 64.22, a PEG ratio of 3.16 and a beta of 1.10. The stock has a fifty day simple moving average of $320.83 and a two-hundred day simple moving average of $327.76. Cadence Design Systems, Inc. has a 12 month low of $262.75 and a 12 month high of $416.69. The company has a current ratio of 1.36, a quick ratio of 1.18 and a debt-to-equity ratio of 0.29.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share 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 the consensus estimate of $1.61 billion. Cadence Design Systems had a net margin of 22.51% and a return on equity of 26.56%. The company’s revenue for the quarter was up 22.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.93 earnings per share. Equities analysts predict that Cadence Design Systems, Inc. will post 6.71 EPS for the current fiscal year.

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.