Cadence Design Systems, Inc. $CDNS Shares Sold by AustralianSuper Pty Ltd

AustralianSuper Pty Ltd decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 33.5% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 164,565 shares of the software maker’s stock after selling 82,830 shares during the period. AustralianSuper Pty Ltd’s holdings in Cadence Design Systems were worth $50,711,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Novem Group boosted its stake in Cadence Design Systems by 30.3% in the 1st quarter. Novem Group now owns 4,067 shares of the software maker’s stock worth $1,034,000 after purchasing an additional 945 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in Cadence Design Systems by 10.9% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 142,994 shares of the software maker’s stock worth $44,064,000 after purchasing an additional 14,022 shares during the period. Brookstone Capital Management boosted its stake in Cadence Design Systems by 19.9% in the 1st quarter. Brookstone Capital Management now owns 17,430 shares of the software maker’s stock worth $4,433,000 after purchasing an additional 2,898 shares during the period. GAMMA Investing LLC boosted its stake in Cadence Design Systems by 22.5% in the 1st quarter. GAMMA Investing LLC now owns 4,790 shares of the software maker’s stock worth $1,218,000 after purchasing an additional 879 shares during the period. Finally, Amalgamated Bank boosted its stake in Cadence Design Systems by 2.2% in the 1st quarter. Amalgamated Bank now owns 58,225 shares of the software maker’s stock worth $14,808,000 after purchasing an additional 1,228 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 2.3%

Shares of NASDAQ:CDNS opened at $345.10 on Monday. The firm has a fifty day moving average of $346.99 and a two-hundred day moving average of $323.11. The firm has a market capitalization of $94.04 billion, a P/E ratio of 93.27, a price-to-earnings-growth ratio of 4.52 and a beta of 0.99. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $376.45. The company has a quick ratio of 2.67, a current ratio of 2.82 and a debt-to-equity ratio of 0.49.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the business earned $1.28 EPS. Cadence Design Systems’s quarterly revenue was up 20.2% compared to the same quarter last year. On average, equities analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, CFO John M. Wall sold 7,500 shares of Cadence Design Systems stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $349.16, for a total value of $2,618,700.00. Following the completion of the sale, the chief financial officer owned 70,715 shares of the company’s stock, valued at approximately $24,690,849.40. The trade was a 9.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $348.27, for a total transaction of $348,270.00. Following the completion of the sale, the vice president directly owned 99,672 shares of the company’s stock, valued at approximately $34,712,767.44. The trade was a 0.99% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,680 shares of company stock valued at $3,729,852. Insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. BNP Paribas assumed coverage on shares of Cadence Design Systems in a research note on Thursday, October 2nd. They issued an “outperform” rating and a $400.00 price objective for the company. KeyCorp raised their price objective on shares of Cadence Design Systems from $358.00 to $405.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 29th. Wall Street Zen lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. The Goldman Sachs Group started coverage on shares of Cadence Design Systems in a research note on Thursday, July 10th. They set a “buy” rating and a $380.00 target price for the company. Finally, Piper Sandler reissued a “neutral” rating and set a $355.00 target price (up previously from $328.00) on shares of Cadence Design Systems in a research note on Tuesday, July 29th. Thirteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $369.71.

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.