Vinva Investment Management Ltd Has $394,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Vinva Investment Management Ltd reduced its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 86.3% in the 3rd quarter, HoldingsChannel reports. The fund owned 1,438 shares of the software maker’s stock after selling 9,056 shares during the period. Vinva Investment Management Ltd’s holdings in Cadence Design Systems were worth $394,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CDNS. ORG Partners LLC increased its position in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after buying an additional 82 shares in the last quarter. Missouri Trust & Investment Co purchased a new position in Cadence Design Systems in the third quarter worth $27,000. MidAtlantic Capital Management Inc. purchased a new stake in Cadence Design Systems during the third quarter worth about $28,000. Chilton Capital Management LLC raised its holdings in shares of Cadence Design Systems by 244.0% in the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after purchasing an additional 122 shares during the period. Finally, Larson Financial Group LLC lifted its position in shares of Cadence Design Systems by 159.7% during the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock valued at $62,000 after buying an additional 123 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Up 0.7 %

Shares of NASDAQ CDNS opened at $306.81 on Friday. The company has a 50-day moving average of $281.92 and a 200 day moving average of $284.43. The stock has a market cap of $84.15 billion, a PE ratio of 80.53, a P/E/G ratio of 4.14 and a beta of 1.02. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate 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 company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the firm posted $1.01 earnings per share. The firm’s revenue was up 18.8% on a year-over-year basis. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total transaction of $425,490.00. Following the transaction, the director now owns 42,051 shares of the company’s stock, valued at approximately $11,928,186.66. This trade represents a 3.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the transaction, the vice president now owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. The trade was a 1.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,634 shares of company stock valued at $1,558,535. 1.99% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have commented on the company. Robert W. Baird raised their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective for the company. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research note on Tuesday, August 6th. Finally, Oppenheimer assumed coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $326.00.

About Cadence Design Systems

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.