Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Forsta AP Fonden

Forsta AP Fonden decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNSGet Rating) by 5.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 92,000 shares of the software maker’s stock after selling 5,100 shares during the quarter. Forsta AP Fonden’s holdings in Cadence Design Systems were worth $15,130,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. CVA Family Office LLC raised its holdings in Cadence Design Systems by 433.3% in the first quarter. CVA Family Office LLC now owns 160 shares of the software maker’s stock valued at $26,000 after acquiring an additional 130 shares in the last quarter. Riverview Trust Co acquired a new stake in Cadence Design Systems in the first quarter valued at approximately $27,000. Deseret Mutual Benefit Administrators raised its holdings in Cadence Design Systems by 59.1% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 428 shares of the software maker’s stock valued at $80,000 after acquiring an additional 159 shares in the last quarter. Tobam acquired a new stake in Cadence Design Systems in the first quarter valued at approximately $102,000. Finally, KB Financial Partners LLC purchased a new position in Cadence Design Systems in the fourth quarter valued at approximately $109,000. Institutional investors and hedge funds own 84.07% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 35,217 shares of the company’s stock in a transaction on Thursday, June 9th. The shares were sold at an average price of $158.82, for a total transaction of $5,593,163.94. Following the transaction, the chief executive officer now directly owns 189,387 shares of the company’s stock, valued at approximately $30,078,443.34. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Lip Bu Tan sold 40,000 shares of the business’s stock in a transaction dated Friday, May 20th. The shares were sold at an average price of $143.77, for a total value of $5,750,800.00. Following the sale, the insider now directly owns 612,176 shares in the company, valued at approximately $88,012,543.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Anirudh Devgan sold 35,217 shares of the business’s stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of $158.82, for a total transaction of $5,593,163.94. Following the completion of the sale, the chief executive officer now owns 189,387 shares in the company, valued at $30,078,443.34. The disclosure for this sale can be found here. In the last three months, insiders have sold 409,806 shares of company stock valued at $64,821,403. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $186.55 on Friday. The firm’s fifty day simple moving average is $159.35 and its 200-day simple moving average is $153.38. The stock has a market capitalization of $51.09 billion, a price-to-earnings ratio of 66.86, a PEG ratio of 3.16 and a beta of 1.15. Cadence Design Systems, Inc. has a 12 month low of $132.32 and a 12 month high of $192.70. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.59 and a quick ratio of 1.49.

Cadence Design Systems (NASDAQ:CDNSGet Rating) last announced its earnings results on Monday, July 25th. The software maker reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.12. The business had revenue of $858.00 million for the quarter, compared to analysts’ expectations of $835.01 million. Cadence Design Systems had a net margin of 23.61% and a return on equity of 32.06%. The company’s quarterly revenue was up 17.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.71 EPS. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 3.31 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have commented on CDNS. Rosenblatt Securities increased their price target on shares of Cadence Design Systems from $170.00 to $185.00 and gave the company a “buy” rating in a research note on Tuesday, July 26th. Bank of America upgraded shares of Cadence Design Systems from an “underperform” rating to a “neutral” rating and increased their price target for the company from $160.00 to $175.00 in a research note on Wednesday, June 29th. KeyCorp increased their price target on shares of Cadence Design Systems from $205.00 to $215.00 and gave the company an “overweight” rating in a research note on Tuesday, April 26th. Needham & Company LLC increased their price target on shares of Cadence Design Systems from $193.00 to $200.00 and gave the company a “buy” rating in a research note on Tuesday, July 26th. Finally, Robert W. Baird dropped their price target on shares of Cadence Design Systems from $211.00 to $203.00 in a research note on Tuesday, April 26th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $189.30.

Cadence Design Systems Company Profile

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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.

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

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