Ignite Planners LLC Lowers Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ignite Planners LLC lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 18.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 907 shares of the software maker’s stock after selling 208 shares during the period. Ignite Planners LLC’s holdings in Cadence Design Systems were worth $291,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Norges Bank acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at about $1,141,059,000. Swedbank AB purchased a new stake in Cadence Design Systems during the 1st quarter worth approximately $439,988,000. BNP Paribas Financial Markets raised its holdings in shares of Cadence Design Systems by 58.1% during the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after acquiring an additional 468,195 shares during the last quarter. Jennison Associates LLC lifted its position in shares of Cadence Design Systems by 6.9% in the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after acquiring an additional 459,603 shares in the last quarter. Finally, 1832 Asset Management L.P. boosted its stake in shares of Cadence Design Systems by 111.5% in the first quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock worth $266,583,000 after acquiring an additional 451,530 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Up 0.5 %

Cadence Design Systems stock traded up $1.45 during mid-day trading on Friday, hitting $270.13. The company had a trading volume of 1,865,224 shares, compared to its average volume of 1,731,658. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a 1 year low of $217.77 and a 1 year high of $328.99. The business has a fifty day moving average of $294.41 and a 200 day moving average of $296.69. The stock has a market cap of $73.59 billion, a price-to-earnings ratio of 70.35, a PEG ratio of 3.14 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. Cadence Design Systems’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.94 earnings per share. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of research reports. Needham & Company LLC restated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Bank of America raised their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Robert W. Baird dropped their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. Wells Fargo & Company increased their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Finally, StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $334.56.

Insiders Place Their Bets

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total transaction of $430,710.00. Following the transaction, the director now owns 49,551 shares of the company’s stock, valued at $14,228,074.14. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $287.31, for a total value of $172,386.00. Following the completion of the sale, the senior vice president now owns 19,880 shares of the company’s stock, valued at $5,711,722.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total transaction of $430,710.00. Following the transaction, the director now directly owns 49,551 shares in the company, valued at $14,228,074.14. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,184 shares of company stock valued at $14,719,573. Insiders own 1.99% of the company’s stock.

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.