Mn Services Vermogensbeheer B.V. Sells 7,100 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mn Services Vermogensbeheer B.V. decreased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 100,937 shares of the software maker’s stock after selling 7,100 shares during the period. Mn Services Vermogensbeheer B.V.’s holdings in Cadence Design Systems were worth $25,671,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Ancora Advisors LLC increased its position in shares of Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock worth $36,000 after acquiring an additional 112 shares in the last quarter. Avalon Trust Co bought a new stake in shares of Cadence Design Systems during the fourth quarter worth $39,000. OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems during the fourth quarter worth $46,000. Synergy Investment Management LLC bought a new stake in shares of Cadence Design Systems during the fourth quarter worth $50,000. Finally, Center for Financial Planning Inc. bought a new stake in shares of Cadence Design Systems during the fourth quarter worth $59,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $300.00 on Friday. The firm has a 50-day moving average of $292.59 and a 200-day moving average of $287.24. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99. The company has a market cap of $81.91 billion, a PE ratio of 77.72, a price-to-earnings-growth ratio of 3.88 and a beta of 0.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the firm posted $1.17 EPS. The company’s quarterly revenue was up 23.1% on a year-over-year basis. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. KeyCorp raised their target price on shares of Cadence Design Systems from $355.00 to $375.00 and gave the company an “overweight” rating in a research report on Thursday, May 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Loop Capital decreased their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Finally, Piper Sandler raised their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. 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. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $325.23.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Scannell sold 4,710 shares of the firm’s stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the completion of the sale, the vice president now owns 28,442 shares in the company, valued at approximately $8,532,600. This trade represents a 14.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Ita M. Brennan sold 180 shares of the firm’s stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the sale, the director now owns 8,010 shares of the company’s stock, valued at approximately $2,435,040. This represents a 2.20% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,625 shares of company stock worth $5,670,453. 0.37% of the stock is owned by 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.