Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC lowered its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 604,226 shares of the software maker’s stock after selling 25,590 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Cadence Design Systems were worth $164,573,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jennison Associates LLC raised its position in shares of Cadence Design Systems by 8.7% in the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after buying an additional 564,085 shares during the last quarter. Northern Trust Corp raised its position in shares of Cadence Design Systems by 5.6% in the third quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock valued at $701,927,000 after buying an additional 158,031 shares during the last quarter. Invesco Ltd. raised its position in shares of Cadence Design Systems by 4.9% in the third quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock valued at $471,480,000 after buying an additional 93,984 shares during the last quarter. Nordea Investment Management AB raised its position in shares of Cadence Design Systems by 124.8% in the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after buying an additional 1,052,228 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after buying an additional 962,987 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the subject of several research analyst reports. Robert W. Baird upped their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. KeyCorp upped their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. Piper Sandler dropped their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, April 19th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $326.11.

Cadence Design Systems Stock Up 0.1 %

Shares of CDNS stock traded up $0.30 on Thursday, hitting $274.85. The stock had a trading volume of 812,146 shares, compared to its average volume of 1,574,991. The firm has a market capitalization of $74.79 billion, a price-to-earnings ratio of 71.61, a P/E/G ratio of 3.24 and a beta of 1.06. The stock’s 50 day moving average is $303.04 and its 200-day moving average is $281.95. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. Cadence Design Systems, Inc. has a 52-week low of $198.92 and a 52-week high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.02 earnings per share. As a group, research analysts expect that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total value of $449,130.00. Following the sale, the director now directly owns 53,183 shares of the company’s stock, valued at $15,924,053.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the sale, the director now directly owns 53,183 shares in the company, valued at approximately $15,924,053.86. The disclosure for this sale can be found here. Insiders have sold 173,044 shares of company stock valued at $52,231,207 over the last ninety 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.