Cadence Design Systems, Inc. $CDNS Stock: Profund Advisors LLC Trims Holdings

Profund Advisors LLC reduced its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 21,127 shares of the software maker’s stock after selling 1,858 shares during the quarter. Profund Advisors LLC’s holdings in Cadence Design Systems were worth $6,976,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CDNS. Van ECK Associates Corp boosted its stake in shares of Cadence Design Systems by 21.8% during the 2nd quarter. Van ECK Associates Corp now owns 4,889,765 shares of the software maker’s stock worth $1,835,227,000 after acquiring an additional 874,392 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Cadence Design Systems by 1.5% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,385,655 shares of the software maker’s stock valued at $1,270,704,000 after acquiring an additional 48,937 shares during the period. Assenagon Asset Management S.A. raised its holdings in Cadence Design Systems by 1,097.5% during the third quarter. Assenagon Asset Management S.A. now owns 2,818,141 shares of the software maker’s stock worth $930,522,000 after purchasing an additional 2,582,812 shares in the last quarter. Amundi raised its holdings in Cadence Design Systems by 3.8% during the 1st quarter. Amundi now owns 2,060,334 shares of the software maker’s stock worth $572,488,000 after buying an additional 75,492 shares during the period. Finally, Legal & General Group Plc purchased a new position in Cadence Design Systems during the second quarter valued at approximately $702,615,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CDNS shares. Wall Street Zen upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Wednesday. Piper Sandler upped their price objective on Cadence Design Systems from $325.00 to $349.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 28th. The Goldman Sachs Group boosted their price target on Cadence Design Systems from $410.00 to $470.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Needham & Company LLC boosted their price target on Cadence Design Systems from $400.00 to $430.00 and gave the company a “buy” rating in a research note on Tuesday, October 27th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $420.00 target price (up from $400.00) on shares of Cadence Design Systems in a research note on Wednesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $410.05.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Cunningham sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $277.12, for a total transaction of $554,240.00. Following the completion of the transaction, the vice president owned 121,793 shares in the company, valued at $33,751,276.16. The trade was a 1.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $350.07, for a total transaction of $437,587.50. Following the sale, the director owned 39,544 shares of the company’s stock, valued at approximately $13,843,168.08. The trade was a 3.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 8,960 shares of company stock worth $2,834,139 in the last 90 days. 0.49% of the stock is currently owned by insiders.

Cadence Design Systems Trading Down 4.3%

NASDAQ CDNS opened at $327.89 on Friday. Cadence Design Systems, Inc. has a twelve month low of $262.75 and a twelve month high of $416.69. The company has a market capitalization of $89.97 billion, a price-to-earnings ratio of 65.19, a PEG ratio of 3.11 and a beta of 1.13. The stock’s 50-day simple moving average is $320.53 and its two-hundred day simple moving average is $327.27. The company has a quick ratio of 1.53, a current ratio of 1.36 and a debt-to-equity ratio of 0.29.

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

Cadence Design Systems Company 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.