Cadence Design Systems, Inc. (NASDAQ:CDNS) Position Lowered by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company decreased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 75.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 171,090 shares of the software maker’s stock after selling 536,564 shares during the period. The Manufacturers Life Insurance Company owned about 0.06% of Cadence Design Systems worth $46,371,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Qsemble Capital Management LP bought a new position in shares of Cadence Design Systems during the third quarter worth about $1,250,000. Private Trust Co. NA lifted its position in shares of Cadence Design Systems by 16.2% during the third quarter. Private Trust Co. NA now owns 733 shares of the software maker’s stock worth $199,000 after purchasing an additional 102 shares during the last quarter. Brown Brothers Harriman & Co. lifted its holdings in Cadence Design Systems by 7,965.4% in the third quarter. Brown Brothers Harriman & Co. now owns 230,349 shares of the software maker’s stock worth $62,431,000 after acquiring an additional 227,493 shares during the last quarter. DRW Securities LLC lifted its holdings in Cadence Design Systems by 113.5% in the third quarter. DRW Securities LLC now owns 6,411 shares of the software maker’s stock worth $1,738,000 after acquiring an additional 3,408 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd lifted its holdings in Cadence Design Systems by 10.4% in the third quarter. Harvest Fund Management Co. Ltd now owns 13,292 shares of the software maker’s stock worth $3,602,000 after acquiring an additional 1,251 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $304.68 on Friday. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The firm has a market capitalization of $83.56 billion, a PE ratio of 79.97, a P/E/G ratio of 4.24 and a beta of 1.02. The company’s 50 day simple moving average is $281.26 and its 200 day simple moving average is $284.26.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the business earned $1.01 earnings per share. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on CDNS. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a report on Tuesday, August 6th. Berenberg Bank began coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price on the stock. Robert W. Baird raised their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Finally, Wells Fargo & Company started coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $326.00.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the transaction, the vice president now owns 64,544 shares in the company, valued at approximately $17,226,148.16. The trade was a 1.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total transaction of $425,490.00. Following the completion of the transaction, the director now owns 42,051 shares in the company, valued at approximately $11,928,186.66. This trade represents a 3.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,634 shares of company stock worth $1,558,535 over the last quarter. 0.62% of the stock is currently owned by company insiders.

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.