Commonwealth Equity Services LLC Sells 414 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Commonwealth Equity Services LLC cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSGet Rating) by 3.6% during the third quarter, Holdings Channel.com reports. The fund owned 11,173 shares of the software maker’s stock after selling 414 shares during the period. Commonwealth Equity Services LLC’s holdings in Cadence Design Systems were worth $1,826,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. FMR LLC raised its stake in Cadence Design Systems by 4.7% during the 2nd quarter. FMR LLC now owns 10,344,233 shares of the software maker’s stock valued at $1,551,944,000 after purchasing an additional 462,306 shares during the period. Brown Advisory Inc. boosted its position in shares of Cadence Design Systems by 7.5% during the third quarter. Brown Advisory Inc. now owns 2,775,800 shares of the software maker’s stock worth $453,649,000 after acquiring an additional 193,307 shares during the last quarter. Pictet Asset Management SA boosted its position in shares of Cadence Design Systems by 6.7% during the third quarter. Pictet Asset Management SA now owns 2,502,844 shares of the software maker’s stock worth $408,944,000 after acquiring an additional 158,235 shares during the last quarter. Franklin Resources Inc. increased its holdings in Cadence Design Systems by 3.3% in the 2nd quarter. Franklin Resources Inc. now owns 2,420,837 shares of the software maker’s stock valued at $363,198,000 after acquiring an additional 78,385 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Cadence Design Systems by 17.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,273,433 shares of the software maker’s stock worth $373,890,000 after purchasing an additional 344,471 shares in the last quarter. 84.06% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

CDNS opened at $196.27 on Tuesday. The company has a market cap of $53.57 billion, a price-to-earnings ratio of 63.52, a PEG ratio of 2.58 and a beta of 1.07. The firm’s fifty day simple moving average is $184.14 and its two-hundred day simple moving average is $170.00. The company has a quick ratio of 1.17, a current ratio of 1.27 and a debt-to-equity ratio of 0.24. Cadence Design Systems, Inc. has a 52-week low of $132.32 and a 52-week high of $202.96.

Cadence Design Systems (NASDAQ:CDNSGet Rating) last released its earnings results on Monday, February 13th. The software maker reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.04. Cadence Design Systems had a return on equity of 33.89% and a net margin of 23.83%. The business had revenue of $899.88 million for the quarter, compared to the consensus estimate of $884.23 million. During the same quarter last year, the business posted $0.67 earnings per share. The business’s quarterly revenue was up 16.4% compared to the same quarter last year. Equities analysts anticipate that Cadence Design Systems, Inc. will post 3.98 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 250 shares of the business’s stock in a transaction dated Thursday, January 5th. The shares were sold at an average price of $157.56, for a total transaction of $39,390.00. Following the transaction, the vice president now owns 93,189 shares of the company’s stock, valued at approximately $14,682,858.84. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, VP Paul Cunningham sold 250 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, January 5th. The shares were sold at an average price of $157.56, for a total transaction of $39,390.00. Following the sale, the vice president now owns 93,189 shares of the company’s stock, valued at approximately $14,682,858.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Karna Nisewaner sold 1,000 shares of Cadence Design Systems stock in a transaction dated Monday, January 23rd. The shares were sold at an average price of $180.00, for a total transaction of $180,000.00. Following the sale, the vice president now owns 15,793 shares of the company’s stock, valued at $2,842,740. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 207,116 shares of company stock valued at $37,845,507. Insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CDNS shares. Atlantic Securities raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $200.00 target price on the stock in a report on Tuesday, January 17th. Robert W. Baird upped their price objective on Cadence Design Systems from $206.00 to $215.00 and gave the stock an “outperform” rating in a report on Tuesday, February 14th. Rosenblatt Securities raised their target price on shares of Cadence Design Systems from $175.00 to $200.00 and gave the company a “buy” rating in a report on Tuesday, February 14th. StockNews.com raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Sunday, January 29th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Cadence Design Systems from $200.00 to $222.00 and gave the stock a “buy” rating in a research note on Wednesday, February 15th. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $211.55.

Cadence Design Systems Company Profile

(Get Rating)

Cadence Design Systems, Inc engages in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IP, and design IP. It operates through the following geographical segments: United States, Other Americas, China, Other Asia, Europe, Middle East and Africa and Japan.

See Also

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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