MetLife Investment Management LLC Has $18.86 Million Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

MetLife Investment Management LLC cut its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.5% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 80,429 shares of the software maker’s stock after selling 1,215 shares during the quarter. MetLife Investment Management LLC’s holdings in Cadence Design Systems were worth $18,862,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Barrett & Company Inc. acquired a new stake in Cadence Design Systems in the first quarter valued at about $30,000. Altshuler Shaham Ltd acquired a new stake in shares of Cadence Design Systems during the first quarter valued at about $32,000. Zions Bancorporation N.A. boosted its stake in shares of Cadence Design Systems by 108.3% during the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after purchasing an additional 117 shares in the last quarter. Activest Wealth Management acquired a new stake in shares of Cadence Design Systems during the second quarter valued at about $40,000. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC boosted its stake in shares of Cadence Design Systems by 2,375.0% during the first quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 198 shares of the software maker’s stock valued at $42,000 after purchasing an additional 190 shares in the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.

Insider Activity

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

Cadence Design Systems Trading Up 0.7 %

Shares of CDNS stock opened at $270.25 on Tuesday. The company has a market cap of $73.52 billion, a P/E ratio of 76.99, a PEG ratio of 3.31 and a beta of 1.04. The stock has a 50 day simple moving average of $244.24 and a two-hundred day simple moving average of $234.26. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.31 and a current ratio of 1.44. Cadence Design Systems, Inc. has a fifty-two week low of $154.88 and a fifty-two week high of $274.32.

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

Analyst Ratings Changes

A number of analysts have recently commented on CDNS shares. StockNews.com started coverage on Cadence Design Systems in a research note on Thursday, October 5th. They set a “buy” rating on the stock. Needham & Company LLC reissued a “buy” rating and set a $268.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 24th. Robert W. Baird lifted their price target on Cadence Design Systems from $253.00 to $257.00 in a research note on Tuesday, July 25th. Morgan Stanley assumed coverage on Cadence Design Systems in a research note on Friday, November 10th. They issued an “equal weight” rating and a $260.00 price objective on the stock. Finally, KeyCorp lifted their price objective on Cadence Design Systems from $270.00 to $290.00 and gave the stock an “overweight” rating in a research note on Thursday, September 14th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.