Amalgamated Bank Decreases Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Amalgamated Bank lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.6% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 58,490 shares of the software maker’s stock after selling 935 shares during the period. Amalgamated Bank’s holdings in Cadence Design Systems were worth $18,000,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Cadence Design Systems by 1.8% in the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after buying an additional 437,101 shares during the period. Jennison Associates LLC increased its holdings in Cadence Design Systems by 6.9% during the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after purchasing an additional 459,603 shares during the period. Van ECK Associates Corp increased its holdings in Cadence Design Systems by 10.5% during the 2nd quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock valued at $675,731,000 after purchasing an additional 209,301 shares during the period. Nordea Investment Management AB increased its holdings in Cadence Design Systems by 7.7% during the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after purchasing an additional 145,351 shares during the period. Finally, Swedbank AB increased its holdings in Cadence Design Systems by 7.8% during the 2nd quarter. Swedbank AB now owns 1,523,142 shares of the software maker’s stock valued at $468,747,000 after purchasing an additional 109,662 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of research analyst reports. KeyCorp boosted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Bank of America boosted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Robert W. Baird reduced their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a report on Tuesday, August 6th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $274.79 on Wednesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The stock’s 50 day simple moving average is $272.06 and its two-hundred day simple moving average is $291.01. Cadence Design Systems, Inc. has a fifty-two week low of $227.05 and a fifty-two week high of $328.99. The stock has a market cap of $74.86 billion, a price-to-earnings ratio of 71.56, a PEG ratio of 3.19 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the previous year, the firm posted $0.94 EPS. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, analysts expect that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other news, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $29,179,582.72. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total value of $173,478.50. Following the transaction, the vice president now directly owns 64,544 shares of the company’s stock, valued at approximately $17,226,148.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $305.84, for a total value of $3,058,400.00. Following the completion of the transaction, the vice president now directly owns 95,408 shares in the company, valued at $29,179,582.72. The disclosure for this sale can be found here. Insiders have sold a total of 36,113 shares of company stock valued at $10,237,521 in the last ninety days. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Company 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.