Great West Life Assurance Co. Can Reduces Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Great West Life Assurance Co. Can lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.9% during the 2nd quarter, HoldingsChannel reports. The fund owned 373,928 shares of the software maker’s stock after selling 50,526 shares during the period. Great West Life Assurance Co. Can’s holdings in Cadence Design Systems were worth $88,039,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Profund Advisors LLC raised its holdings in shares of Cadence Design Systems by 13.7% in the second quarter. Profund Advisors LLC now owns 17,315 shares of the software maker’s stock worth $4,061,000 after buying an additional 2,089 shares during the period. Pinnacle Wealth Management LLC bought a new stake in Cadence Design Systems during the 2nd quarter valued at about $2,480,000. Gamco Investors INC. ET AL purchased a new stake in Cadence Design Systems in the 2nd quarter valued at about $3,215,000. Gabelli Funds LLC bought a new position in Cadence Design Systems in the 2nd quarter worth about $5,712,000. Finally, Thompson Siegel & Walmsley LLC increased its position in shares of Cadence Design Systems by 518.9% during the second quarter. Thompson Siegel & Walmsley LLC now owns 11,450 shares of the software maker’s stock worth $2,685,000 after acquiring an additional 9,600 shares during the period. Institutional investors own 83.95% of the company’s stock.

Insider Activity

In related news, Director Mark Adams sold 400 shares of the business’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $240.80, for a total transaction of $96,320.00. Following the transaction, the director now directly owns 11,007 shares in the company, valued at approximately $2,650,485.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Mark Adams sold 400 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $240.80, for a total value of $96,320.00. Following the completion of the sale, the director now directly owns 11,007 shares in the company, valued at approximately $2,650,485.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $231.86, for a total transaction of $279,855.02. Following the transaction, the vice president now owns 66,080 shares in the company, valued at approximately $15,321,308.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,279 shares of company stock worth $5,049,575. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $268.27 on Monday. Cadence Design Systems, Inc. has a one year low of $154.88 and a one year high of $274.32. The company has a market capitalization of $72.99 billion, a PE ratio of 76.43, a P/E/G ratio of 3.31 and a beta of 1.04. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.31 and a current ratio of 1.44. The company has a 50-day simple moving average of $243.70 and a two-hundred day simple moving average of $233.80.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 23rd. The software maker reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.06. The company had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a net margin of 24.42% and a return on equity of 34.64%. Cadence Design Systems’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.79 earnings per share. Research analysts expect that Cadence Design Systems, Inc. will post 4.13 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of research reports. Robert W. Baird boosted their price target on Cadence Design Systems from $253.00 to $257.00 in a report on Tuesday, July 25th. Morgan Stanley assumed coverage on Cadence Design Systems in a research report on Friday, November 10th. They set an “equal weight” rating and a $260.00 price target on the stock. Needham & Company LLC restated a “buy” rating and set a $268.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 24th. Bank of America upped their price objective on shares of Cadence Design Systems from $285.00 to $305.00 in a research note on Tuesday, October 10th. Finally, StockNews.com began coverage on shares of Cadence Design Systems in a research report on Thursday, October 5th. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $264.50.

Cadence Design Systems 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.