Cadence Design Systems, Inc. $CDNS Shares Sold by Guinness Asset Management LTD

Guinness Asset Management LTD lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,349 shares of the software maker’s stock after selling 175 shares during the period. Guinness Asset Management LTD’s holdings in Cadence Design Systems were worth $416,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Petros Family Wealth LLC raised its stake in Cadence Design Systems by 2.6% during the second quarter. Petros Family Wealth LLC now owns 1,277 shares of the software maker’s stock worth $394,000 after purchasing an additional 32 shares during the period. Hemington Wealth Management increased its holdings in shares of Cadence Design Systems by 14.0% during the 2nd quarter. Hemington Wealth Management now owns 261 shares of the software maker’s stock worth $80,000 after buying an additional 32 shares during the last quarter. Legacy Capital Wealth Partners LLC raised its position in shares of Cadence Design Systems by 2.8% during the 1st quarter. Legacy Capital Wealth Partners LLC now owns 1,214 shares of the software maker’s stock valued at $309,000 after buying an additional 33 shares during the period. Empower Advisory Group LLC lifted its holdings in Cadence Design Systems by 4.1% in the first quarter. Empower Advisory Group LLC now owns 911 shares of the software maker’s stock valued at $232,000 after acquiring an additional 36 shares during the last quarter. Finally, Gamco Investors INC. ET AL grew its position in Cadence Design Systems by 0.3% in the first quarter. Gamco Investors INC. ET AL now owns 13,337 shares of the software maker’s stock worth $3,392,000 after acquiring an additional 36 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 2.3%

Shares of CDNS opened at $345.10 on Monday. The company’s 50-day simple moving average is $346.99 and its 200-day simple moving average is $323.11. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.67 and a current ratio of 2.82. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $376.45. The stock has a market capitalization of $94.04 billion, a PE ratio of 93.27, a P/E/G ratio of 4.52 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.09. The firm had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.28 earnings per share. Analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have commented on CDNS. Wall Street Zen downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. KeyCorp boosted their price objective on shares of Cadence Design Systems from $358.00 to $405.00 and gave the company an “overweight” rating in a report on Tuesday, July 29th. Mizuho increased their target price on shares of Cadence Design Systems from $360.00 to $375.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 29th. Rosenblatt Securities reiterated a “neutral” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Wednesday, October 22nd. Finally, Stifel Nicolaus upped their price objective on shares of Cadence Design Systems from $350.00 to $395.00 and gave the stock a “buy” rating in a report on Tuesday, July 29th. Thirteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus target price of $369.71.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $348.27, for a total value of $348,270.00. Following the completion of the transaction, the vice president directly owned 99,672 shares in the company, valued at approximately $34,712,767.44. This trade represents a 0.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $334.51, for a total value of $60,211.80. Following the sale, the director owned 7,830 shares in the company, valued at approximately $2,619,213.30. This trade represents a 2.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,680 shares of company stock worth $3,729,852 over the last 90 days. Corporate insiders own 1.99% of the company’s stock.

About Cadence Design Systems

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.