Cadence Design Systems, Inc. $CDNS Stock Purchased by ProShare Advisors LLC

ProShare Advisors LLC grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 325,627 shares of the software maker’s stock after purchasing an additional 18,452 shares during the quarter. ProShare Advisors LLC’s holdings in Cadence Design Systems were worth $107,517,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of CDNS. Summit Global Investments increased its stake in Cadence Design Systems by 57.6% in the 3rd quarter. Summit Global Investments now owns 3,611 shares of the software maker’s stock worth $1,192,000 after acquiring an additional 1,320 shares during the last quarter. MGO One Seven LLC boosted its stake in shares of Cadence Design Systems by 6.6% during the 3rd quarter. MGO One Seven LLC now owns 20,489 shares of the software maker’s stock worth $6,765,000 after acquiring an additional 1,274 shares in the last quarter. State of Wyoming acquired a new stake in shares of Cadence Design Systems in the third quarter valued at about $274,000. Petros Family Wealth LLC raised its position in Cadence Design Systems by 21.2% in the third quarter. Petros Family Wealth LLC now owns 1,246 shares of the software maker’s stock valued at $411,000 after purchasing an additional 218 shares during the period. Finally, Arta Finance Wealth Management LLC lifted its holdings in Cadence Design Systems by 29.4% during the 3rd quarter. Arta Finance Wealth Management LLC now owns 2,004 shares of the software maker’s stock worth $662,000 after buying an additional 455 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Activity

In related news, VP Paul Scannell sold 280 shares of the company’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $339.00, for a total value of $94,920.00. Following the sale, the vice president owned 31,720 shares in the company, valued at $10,753,080. This represents a 0.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of the company’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $350.07, for a total transaction of $437,587.50. Following the sale, the director directly owned 39,544 shares of the company’s stock, valued at $13,843,168.08. The trade was a 3.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 8,960 shares of company stock worth $2,834,139 in the last quarter. 0.49% of the stock is currently owned by corporate insiders.

Cadence Design Systems Price Performance

CDNS opened at $327.89 on Friday. Cadence Design Systems, Inc. has a fifty-two week low of $262.75 and a fifty-two week high of $416.69. The firm has a 50-day moving average of $320.53 and a 200 day moving average of $327.27. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.53 and a current ratio of 1.36. The firm has a market cap of $89.97 billion, a P/E ratio of 65.19, a PEG ratio of 3.11 and a beta of 1.13.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 26th. The software maker reported $2.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.06. Cadence Design Systems had a net margin of 22.51% and a return on equity of 26.56%. The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter in the prior year, the company earned $1.93 EPS. The firm’s revenue was up 22.0% on a year-over-year basis. On average, research analysts expect that Cadence Design Systems, Inc. will post 6.71 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have commented on CDNS shares. Needham & Company LLC boosted their target price on shares of Cadence Design Systems from $400.00 to $430.00 and gave the stock a “buy” rating in a research report on Tuesday, October 27th. Benchmark reaffirmed a “buy” rating on shares of Cadence Design Systems in a research note on Tuesday, July 28th. Rothschild & Co Redburn increased their price target on Cadence Design Systems from $385.00 to $395.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $420.00 target price (up from $400.00) on shares of Cadence Design Systems in a report on Wednesday, October 7th. Finally, Robert W. Baird upped their price objective on Cadence Design Systems from $420.00 to $440.00 and gave the company an “outperform” rating in a report on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $410.05.

Cadence Design Systems Profile

Cadence Design Systems, Inc develops computational software, hardware, and semiconductor intellectual property used to design and verify electronic systems and integrated circuits. Its electronic design automation (EDA) solutions support chip development across areas such as digital and custom IC design, functional verification, emulation, prototyping, and system analysis.

The company also provides semiconductor IP, including processor cores, interconnect technologies, memory interfaces, and other building blocks that help customers develop complex chips.