Geode Capital Management LLC Has $1.59 Billion Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Geode Capital Management LLC reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 5,886,154 shares of the software maker’s stock after selling 408,422 shares during the period. Geode Capital Management LLC owned approximately 2.15% of Cadence Design Systems worth $1,590,561,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in CDNS. Principal Financial Group Inc. grew its stake in shares of Cadence Design Systems by 280.1% during the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after acquiring an additional 1,119,824 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Cadence Design Systems by 26.1% during the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after acquiring an additional 572,251 shares in the last quarter. Meridiem Investment Management Ltd. bought a new position in shares of Cadence Design Systems during the 3rd quarter worth approximately $129,285,000. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Cadence Design Systems by 48.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after buying an additional 310,250 shares in the last quarter. Finally, Marshall Wace LLP grew its stake in shares of Cadence Design Systems by 153.4% in the second quarter. Marshall Wace LLP now owns 471,010 shares of the software maker’s stock valued at $144,953,000 after buying an additional 285,130 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on CDNS shares. Loop Capital started coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 target price for the company. Oppenheimer started coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price for the company. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Robert W. Baird raised their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Finally, Needham & Company LLC decreased their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the sale, the vice president now owns 60,461 shares of the company’s stock, valued at approximately $18,512,553.59. This trade represents a 1.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $413,970.00. Following the sale, the director now directly owns 43,551 shares of the company’s stock, valued at $12,019,204.98. This represents a 3.33 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,634 shares of company stock valued at $1,584,080. 0.62% of the stock is currently owned by corporate insiders.

Cadence Design Systems Trading Down 2.2 %

CDNS stock opened at $302.86 on Wednesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The company has a fifty day moving average price of $286.53 and a two-hundred day moving average price of $285.22. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The stock has a market cap of $83.06 billion, a price-to-earnings ratio of 79.49, a price-to-earnings-growth ratio of 4.17 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter last year, the firm earned $1.01 earnings per share. The company’s revenue was up 18.8% on a year-over-year basis. Equities analysts anticipate that Cadence Design Systems, Inc. will post 4.75 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.