Cadence Design Systems, Inc. $CDNS Position Reduced by Rhumbline Advisers

Rhumbline Advisers cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 515,817 shares of the software maker’s stock after selling 8,305 shares during the quarter. Rhumbline Advisers’ holdings in Cadence Design Systems were worth $181,186,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Strategic Wealth Investment Group LLC acquired a new stake in Cadence Design Systems in the 2nd quarter worth approximately $32,000. Promus Capital LLC acquired a new position in Cadence Design Systems during the 2nd quarter valued at $33,000. Robbins Farley acquired a new stake in Cadence Design Systems in the 3rd quarter worth $35,000. Cloud Capital Management LLC bought a new position in shares of Cadence Design Systems during the 3rd quarter worth about $35,000. Finally, Heartwood Wealth Advisors LLC acquired a new position in shares of Cadence Design Systems during the third quarter valued at about $39,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CDNS shares. Wells Fargo & Company raised their price objective on shares of Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cadence Design Systems in a report on Monday, December 29th. Oppenheimer raised shares of Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price target for the company in a report on Monday, December 1st. Citigroup initiated coverage on shares of Cadence Design Systems in a research report on Monday, November 24th. They set a “buy” rating and a $385.00 price target for the company. Finally, JPMorgan Chase & Co. increased their target price on Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. Thirteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $379.59.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $299.00 on Wednesday. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $376.45. The company’s 50 day moving average price is $314.14 and its two-hundred day moving average price is $331.16. The company has a quick ratio of 2.84, a current ratio of 3.05 and a debt-to-equity ratio of 0.48. The firm has a market cap of $81.39 billion, a PE ratio of 77.06, a PEG ratio of 3.24 and a beta of 1.01.

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 20,000 shares of the company’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $340.00, for a total transaction of $6,800,000.00. Following the completion of the transaction, the chief executive officer directly owned 195,844 shares in the company, valued at approximately $66,586,960. This represents a 9.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $295.09, for a total value of $295,090.00. Following the completion of the transaction, the vice president owned 95,137 shares of the company’s stock, valued at $28,073,977.33. This represents a 1.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 56,475 shares of company stock valued at $18,505,486. Corporate insiders own 0.37% of the company’s stock.

Cadence Design Systems Profile

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.