Cadence Design Systems, Inc. $CDNS Shares Sold by Great Lakes Advisors LLC

Great Lakes Advisors LLC trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 15.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,573 shares of the software maker’s stock after selling 2,922 shares during the quarter. Great Lakes Advisors LLC’s holdings in Cadence Design Systems were worth $5,470,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Barrett & Company Inc. purchased a new stake in Cadence Design Systems in the 2nd quarter valued at $31,000. Strategic Wealth Investment Group LLC acquired a new stake in shares of Cadence Design Systems during the second quarter valued at about $32,000. Promus Capital LLC purchased a new stake in Cadence Design Systems in the second quarter valued at approximately $33,000. Robbins Farley purchased a new stake in shares of Cadence Design Systems in the 3rd quarter valued at $35,000. Finally, E Fund Management Hong Kong Co. Ltd. increased its stake in Cadence Design Systems by 41.1% during the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 127 shares of the software maker’s stock worth $39,000 after purchasing an additional 37 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on CDNS. Oppenheimer raised Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price target on the stock in a research report on Monday, December 1st. KeyCorp reiterated an “overweight” rating and set a $405.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Wells Fargo & Company boosted their price objective on Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. Rosenblatt Securities increased their target price on shares of Cadence Design Systems from $320.00 to $335.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 28th. Finally, JPMorgan Chase & Co. increased their price target on Cadence Design Systems from $390.00 to $405.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. Thirteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $379.59.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $296.36 on Friday. The stock has a market capitalization of $80.67 billion, a P/E ratio of 76.38, a P/E/G ratio of 3.38 and a beta of 1.02. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.84. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $376.45. The firm’s 50-day moving average is $317.89 and its two-hundred day moving average is $332.92.

Insider Buying and Selling

In related news, Director Ita M. Brennan sold 180 shares of the stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $337.48, for a total value of $60,746.40. Following the completion of the sale, the director directly owned 7,650 shares in the company, valued at approximately $2,581,722. This represents a 2.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Scannell sold 5,490 shares of the stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $339.43, for a total transaction of $1,863,470.70. Following the completion of the sale, the vice president directly owned 20,321 shares of the company’s stock, valued at $6,897,557.03. This trade represents a 21.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 62,025 shares of company stock worth $20,369,946 over the last 90 days. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Company 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.