Granahan Investment Management Inc. MA lessened its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 15.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,005 shares of the software maker’s stock after selling 7,027 shares during the quarter. Granahan Investment Management Inc. MA’s holdings in Cadence Design Systems were worth $1,500,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of CDNS. Jane Street Group LLC acquired a new stake in Cadence Design Systems during the 3rd quarter valued at approximately $241,000. Vident Investment Advisory LLC acquired a new stake in Cadence Design Systems during the 3rd quarter valued at approximately $12,760,000. Chevy Chase Trust Holdings Inc. acquired a new stake in Cadence Design Systems during the 3rd quarter valued at approximately $9,767,000. First Allied Advisory Services Inc. acquired a new stake in Cadence Design Systems during the 3rd quarter valued at approximately $557,000. Finally, First Republic Investment Management Inc. increased its position in Cadence Design Systems by 7.1% during the 3rd quarter. First Republic Investment Management Inc. now owns 22,584 shares of the software maker’s stock valued at $892,000 after purchasing an additional 1,491 shares during the period. Institutional investors and hedge funds own 84.82% of the company’s stock.

In other news, CFO John M. Wall sold 750 shares of the firm’s stock in a transaction that occurred on Monday, October 9th. The shares were sold at an average price of $40.68, for a total transaction of $30,510.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Lip Bu Tan sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $41.97, for a total transaction of $4,197,000.00. Following the sale, the chief executive officer now directly owns 445,833 shares of the company’s stock, valued at approximately $18,711,611.01. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 230,974 shares of company stock valued at $9,912,010. Insiders own 2.55% of the company’s stock.

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) opened at $43.06 on Thursday. The company has a market cap of $12,282.66, a P/E ratio of 46.77, a PEG ratio of 3.43 and a beta of 0.93. Cadence Design Systems, Inc. has a 52-week low of $24.15 and a 52-week high of $45.64. The company has a current ratio of 1.79, a quick ratio of 1.72 and a debt-to-equity ratio of 0.64.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Thursday, October 26th. The software maker reported $0.35 EPS for the quarter, topping the consensus estimate of $0.34 by $0.01. The company had revenue of $485.40 million during the quarter, compared to the consensus estimate of $481.10 million. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.30 EPS. research analysts expect that Cadence Design Systems, Inc. will post 1.06 earnings per share for the current year.

CDNS has been the subject of a number of recent analyst reports. Royal Bank of Canada reissued a “buy” rating and set a $46.00 target price on shares of Cadence Design Systems in a research report on Friday, October 27th. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a research report on Wednesday, November 1st. KeyCorp reissued a “hold” rating on shares of Cadence Design Systems in a research report on Sunday, November 26th. Needham & Company LLC reissued a “hold” rating on shares of Cadence Design Systems in a research report on Sunday, October 29th. Finally, DA Davidson increased their target price on shares of Cadence Design Systems to $43.00 and gave the company a “neutral” rating in a research report on Monday, October 30th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $44.50.

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Cadence Design Systems Profile

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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