Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.8% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 575,930 shares of the software maker’s stock after selling 62,862 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Cadence Design Systems were worth $156,094,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. ORG Partners LLC grew its position in shares of Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after purchasing an additional 82 shares during the period. Missouri Trust & Investment Co acquired a new stake in Cadence Design Systems in the 3rd quarter worth about $27,000. MidAtlantic Capital Management Inc. purchased a new stake in Cadence Design Systems during the 3rd quarter worth approximately $28,000. Chilton Capital Management LLC raised its holdings in shares of Cadence Design Systems by 244.0% during the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after acquiring an additional 122 shares during the last quarter. Finally, Larson Financial Group LLC lifted its position in shares of Cadence Design Systems by 159.7% in the second quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock valued at $62,000 after acquiring an additional 123 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, SVP Karna Nisewaner sold 659 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $181,870.82. Following the sale, the senior vice president now owns 16,029 shares of the company’s stock, valued at $4,423,683.42. This trade represents a 3.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $413,970.00. Following the transaction, the director now directly owns 43,551 shares of the company’s stock, valued at approximately $12,019,204.98. This represents a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,634 shares of company stock worth $1,558,535. Corporate insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the topic of several recent research reports. Oppenheimer began coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. Loop Capital started coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price target on the stock. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective for the company. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Finally, Needham & Company LLC dropped their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average price target of $326.00.

Cadence Design Systems Trading Up 0.7 %

CDNS opened at $306.81 on Monday. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The business has a fifty day simple moving average of $281.92 and a 200-day simple moving average of $284.37. The firm has a market cap of $84.15 billion, a P/E ratio of 80.53, a P/E/G ratio of 4.17 and a beta of 1.02.

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

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.