Bessemer Securities LLC Reduces Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bessemer Securities LLC lessened its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 34.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,297 shares of the software maker’s stock after selling 1,708 shares during the period. Bessemer Securities LLC’s holdings in Cadence Design Systems were worth $773,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bank Julius Baer & Co. Ltd Zurich raised its holdings in Cadence Design Systems by 98,001.8% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 714,378,920 shares of the software maker’s stock worth $167,536,144,000 after purchasing an additional 713,650,718 shares in the last quarter. Norges Bank bought a new position in Cadence Design Systems in the fourth quarter worth about $770,945,000. Alliancebernstein L.P. lifted its holdings in Cadence Design Systems by 620.0% in the fourth quarter. Alliancebernstein L.P. now owns 2,954,303 shares of the software maker’s stock worth $474,579,000 after buying an additional 2,543,966 shares during the period. Jennison Associates LLC boosted its position in Cadence Design Systems by 33.8% during the 2nd quarter. Jennison Associates LLC now owns 6,483,146 shares of the software maker’s stock valued at $1,520,427,000 after acquiring an additional 1,637,860 shares in the last quarter. Finally, Moneta Group Investment Advisors LLC purchased a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $227,854,000. Institutional investors own 83.95% of the company’s stock.

Insider Buying and Selling

In other Cadence Design Systems news, VP Chin-Chi Teng sold 7,500 shares of the company’s stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $234.53, for a total transaction of $1,758,975.00. Following the transaction, the vice president now owns 116,679 shares in the company, valued at approximately $27,364,725.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Cadence Design Systems news, VP Chin-Chi Teng sold 7,500 shares of Cadence Design Systems stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $234.53, for a total value of $1,758,975.00. Following the completion of the sale, the vice president now owns 116,679 shares of the company’s stock, valued at approximately $27,364,725.87. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $231.86, for a total value of $279,855.02. Following the completion of the transaction, the vice president now owns 66,080 shares in the company, valued at $15,321,308.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,279 shares of company stock worth $5,049,575. 1.99% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Needham & Company LLC restated a “buy” rating and set a $268.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 24th. Bank of America boosted their target price on shares of Cadence Design Systems from $285.00 to $305.00 in a report on Tuesday, October 10th. KeyCorp upped their target price on shares of Cadence Design Systems from $270.00 to $290.00 and gave the stock an “overweight” rating in a research report on Thursday, September 14th. StockNews.com assumed coverage on shares of Cadence Design Systems in a research report on Thursday, October 5th. They set a “buy” rating for the company. Finally, Morgan Stanley started coverage on shares of Cadence Design Systems in a report on Friday, November 10th. They issued an “equal weight” rating and a $260.00 price objective on the stock. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $264.50.

Cadence Design Systems Stock Down 0.3 %

Cadence Design Systems stock traded down $0.93 during trading hours on Monday, hitting $267.34. The stock had a trading volume of 165,027 shares, compared to its average volume of 1,641,146. The stock’s 50-day moving average price is $243.70 and its 200-day moving average price is $233.80. Cadence Design Systems, Inc. has a 12-month low of $154.88 and a 12-month high of $274.32. The company has a quick ratio of 1.31, a current ratio of 1.44 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $72.73 billion, a P/E ratio of 76.43, a price-to-earnings-growth ratio of 3.31 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 23rd. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.06. Cadence Design Systems had a return on equity of 34.64% and a net margin of 24.42%. The business had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period in the prior year, the firm posted $0.79 EPS. The firm’s quarterly revenue was up 13.3% on a year-over-year basis. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.13 EPS for the current fiscal year.

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.