Cadence Design Systems, Inc. (NASDAQ:CDNS) Position Cut by E. Ohman J or Asset Management AB

E. Ohman J or Asset Management AB lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 11,200 shares of the software maker’s stock after selling 750 shares during the period. E. Ohman J or Asset Management AB’s holdings in Cadence Design Systems were worth $3,036,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sunbelt Securities Inc. raised its holdings in shares of Cadence Design Systems by 18.7% during the first quarter. Sunbelt Securities Inc. now owns 865 shares of the software maker’s stock valued at $269,000 after buying an additional 136 shares during the last quarter. Brookstone Capital Management boosted its position in Cadence Design Systems by 15.4% during the 1st quarter. Brookstone Capital Management now owns 1,037 shares of the software maker’s stock worth $323,000 after acquiring an additional 138 shares during the period. Wealthcare Advisory Partners LLC grew its stake in shares of Cadence Design Systems by 4.5% in the first quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after purchasing an additional 41 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Cadence Design Systems by 110.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 27,924 shares of the software maker’s stock valued at $8,692,000 after purchasing an additional 14,644 shares during the period. Finally, 180 Wealth Advisors LLC acquired a new position in shares of Cadence Design Systems during the first quarter valued at $207,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of recent analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Mizuho assumed coverage on shares of Cadence Design Systems in a report on Tuesday. They issued an “outperform” rating and a $325.00 price objective for the company. Oppenheimer initiated coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price for the company. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research report on Tuesday, August 6th. Finally, KeyCorp upped their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $323.42.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $266.24, for a total value of $173,056.00. Following the transaction, the vice president now owns 65,194 shares in the company, valued at $17,357,250.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00. Following the transaction, the vice president now directly owns 65,194 shares in the company, valued at $17,357,250.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total transaction of $425,490.00. Following the completion of the transaction, the director now directly owns 42,051 shares in the company, valued at $11,928,186.66. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,347 shares of company stock worth $7,728,272. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Up 0.9 %

Shares of NASDAQ:CDNS opened at $251.28 on Friday. The firm has a 50 day simple moving average of $268.47 and a 200 day simple moving average of $283.48. Cadence Design Systems, Inc. has a 52 week low of $228.66 and a 52 week high of $328.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The company has a market cap of $68.45 billion, a PE ratio of 65.44, a price-to-earnings-growth ratio of 3.37 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 22nd. The software maker reported $1.28 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 analysts’ expectations of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. Cadence Design Systems’s revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.94 earnings per share. As a group, research analysts expect that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Cadence Design Systems Profile

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.