Renaissance Group LLC Reduces Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Renaissance Group LLC cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 148,989 shares of the software maker’s stock after selling 12,482 shares during the period. Cadence Design Systems comprises approximately 1.4% of Renaissance Group LLC’s investment portfolio, making the stock its 18th biggest holding. Renaissance Group LLC owned approximately 0.05% of Cadence Design Systems worth $31,301,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Barrett & Company Inc. acquired a new position in shares of Cadence Design Systems in the first quarter worth about $30,000. ETF Managers Group LLC raised its position in shares of Cadence Design Systems by 3.8% in the fourth quarter. ETF Managers Group LLC now owns 4,323 shares of the software maker’s stock worth $694,000 after acquiring an additional 157 shares during the period. Handelsbanken Fonder AB raised its position in shares of Cadence Design Systems by 5.5% in the first quarter. Handelsbanken Fonder AB now owns 33,910 shares of the software maker’s stock worth $7,124,000 after acquiring an additional 1,765 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of Cadence Design Systems by 10.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,706 shares of the software maker’s stock worth $5,401,000 after acquiring an additional 2,377 shares during the period. Finally, Ontario Teachers Pension Plan Board raised its position in shares of Cadence Design Systems by 1.4% in the first quarter. Ontario Teachers Pension Plan Board now owns 13,231 shares of the software maker’s stock worth $2,780,000 after acquiring an additional 178 shares during the period. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CDNS has been the subject of a number of research reports. Robert W. Baird boosted their target price on shares of Cadence Design Systems from $253.00 to $257.00 in a research note on Tuesday, July 25th. Wells Fargo & Company upped their price objective on shares of Cadence Design Systems from $250.00 to $270.00 and gave the company an “overweight” rating in a research note on Tuesday, July 18th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday. Stifel Nicolaus raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and increased their price target for the company from $210.00 to $300.00 in a research note on Thursday, July 20th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $235.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 25th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $255.22.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS traded down $2.83 during midday trading on Friday, hitting $238.63. The company had a trading volume of 278,223 shares, compared to its average volume of 1,742,676. The company has a quick ratio of 1.26, a current ratio of 1.37 and a debt-to-equity ratio of 0.22. Cadence Design Systems, Inc. has a twelve month low of $138.76 and a twelve month high of $248.16. The business has a 50-day simple moving average of $233.94 and a two-hundred day simple moving average of $219.65. The firm has a market capitalization of $64.86 billion, a price-to-earnings ratio of 74.07, a price-to-earnings-growth ratio of 3.29 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 24th. The software maker reported $1.22 EPS for the quarter, beating the consensus estimate of $1.18 by $0.04. The firm had revenue of $977.00 million during the quarter, compared to analysts’ expectations of $975.99 million. Cadence Design Systems had a net margin of 23.41% and a return on equity of 33.79%. The business’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.85 earnings per share. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.1 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In other news, VP Aneel Zaman sold 271 shares of Cadence Design Systems stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $227.85, for a total transaction of $61,747.35. Following the completion of the sale, the vice president now directly owns 68,471 shares in the company, valued at $15,601,117.35. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, VP Aneel Zaman sold 271 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $227.85, for a total value of $61,747.35. Following the completion of the sale, the vice president now directly owns 68,471 shares in the company, valued at $15,601,117.35. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Anirudh Devgan sold 1,523 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $233.97, for a total transaction of $356,336.31. Following the sale, the chief executive officer now owns 144,944 shares of the company’s stock, valued at $33,912,547.68. The disclosure for this sale can be found here. Insiders sold a total of 79,369 shares of company stock worth $18,383,272 over the last ninety days. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Company Profile

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.