Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Holdings Cut by iA Global Asset Management Inc.

iA Global Asset Management Inc. lessened its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 41.6% during the second quarter, Holdings Channel reports. The institutional investor owned 30,852 shares of the software maker’s stock after selling 21,990 shares during the quarter. iA Global Asset Management Inc.’s holdings in Cadence Design Systems were worth $9,495,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Ulland Investment Advisors LLC purchased a new position in shares of Cadence Design Systems in the first quarter worth approximately $25,000. RiverPark Advisors LLC purchased a new stake in shares of Cadence Design Systems in the first quarter valued at $26,000. ORG Partners LLC raised its position in Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after buying an additional 82 shares during the period. Annapolis Financial Services LLC purchased a new stake in Cadence Design Systems in the 1st quarter worth about $32,000. Finally, Hollencrest Capital Management grew its stake in Cadence Design Systems by 637.5% during the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after acquiring an additional 102 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the subject of several research reports. Robert W. Baird decreased their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Needham & Company LLC restated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Bank of America increased their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Finally, Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research note on Tuesday, August 6th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average price target of $334.56.

Insider Buying and Selling

In related news, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the sale, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total value of $9,573,130.80. Following the completion of the transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The disclosure for this sale can be found here. In the last three months, insiders sold 70,397 shares of company stock valued at $20,464,944. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $268.93 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The company has a fifty day simple moving average of $284.47 and a 200 day simple moving average of $294.25. The company has a market cap of $73.26 billion, a P/E ratio of 70.03, a P/E/G ratio of 3.14 and a beta of 1.03. Cadence Design Systems, Inc. has a 1 year low of $227.05 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. Cadence Design Systems’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.94 EPS. On average, sell-side analysts predict that Cadence Design Systems, Inc. will post 4.74 EPS for the current year.

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.