Metropolitan Life Insurance Co NY Cuts Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Metropolitan Life Insurance Co NY decreased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,883 shares of the software maker’s stock after selling 386 shares during the quarter. Metropolitan Life Insurance Co NY’s holdings in Cadence Design Systems were worth $2,787,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Bank Julius Baer & Co. Ltd Zurich grew its stake in shares of Cadence Design Systems by 98,001.8% in the second 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 acquiring an additional 713,650,718 shares in the last quarter. BlackRock Inc. grew its stake in Cadence Design Systems by 0.3% during the 1st quarter. BlackRock Inc. now owns 32,714,012 shares of the software maker’s stock worth $6,872,887,000 after purchasing an additional 82,799 shares in the last quarter. State Street Corp increased its holdings in Cadence Design Systems by 3.1% during the 1st quarter. State Street Corp now owns 11,406,581 shares of the software maker’s stock worth $2,396,402,000 after purchasing an additional 344,518 shares during the period. FMR LLC raised its position in Cadence Design Systems by 1.4% in the 1st quarter. FMR LLC now owns 9,997,043 shares of the software maker’s stock valued at $2,100,279,000 after purchasing an additional 136,739 shares in the last quarter. Finally, Jennison Associates LLC boosted its stake in shares of Cadence Design Systems by 33.8% in 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 buying an additional 1,637,860 shares during the period. Institutional investors and hedge funds own 83.95% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Robert W. Baird raised their target price on shares of Cadence Design Systems from $253.00 to $257.00 in a report on Tuesday, July 25th. StockNews.com started coverage on shares of Cadence Design Systems in a research report on Thursday, October 5th. They set a “buy” rating for the company. Bank of America increased their target price on Cadence Design Systems from $285.00 to $305.00 in a report on Tuesday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $268.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 24th. Finally, Morgan Stanley assumed coverage on 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 equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $264.50.

Insider Buying and Selling at Cadence Design Systems

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 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 directly owns 116,679 shares in the company, valued at approximately $27,364,725.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related 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 $15,321,308.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Chin-Chi Teng sold 7,500 shares of the company’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $234.53, for a total transaction of $1,758,975.00. Following the transaction, the vice president now directly owns 116,679 shares in the company, valued at $27,364,725.87. The disclosure for this sale can be found here. Insiders sold a total of 21,279 shares of company stock valued at $5,049,575 in the last ninety days. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Up 0.7 %

CDNS opened at $270.25 on Tuesday. The business’s 50 day moving average is $244.24 and its two-hundred day moving average is $234.26. The firm has a market cap of $73.52 billion, a price-to-earnings ratio of 76.99, a price-to-earnings-growth ratio of 3.31 and a beta of 1.04. Cadence Design Systems, Inc. has a 52 week low of $154.88 and a 52 week 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.

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

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.