MetLife Investment Management LLC Has $22.66 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

MetLife Investment Management LLC trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 83,591 shares of the software maker’s stock after selling 1,646 shares during the period. MetLife Investment Management LLC’s holdings in Cadence Design Systems were worth $22,656,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. B. Riley Wealth Advisors Inc. increased its position in Cadence Design Systems by 26.9% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 5,479 shares of the software maker’s stock valued at $1,706,000 after acquiring an additional 1,160 shares in the last quarter. Virtu Financial LLC lifted its stake in shares of Cadence Design Systems by 22.6% during the first quarter. Virtu Financial LLC now owns 2,734 shares of the software maker’s stock valued at $851,000 after acquiring an additional 504 shares during the period. LRI Investments LLC bought a new position in Cadence Design Systems in the first quarter valued at about $215,000. Atria Investments Inc increased its position in Cadence Design Systems by 2.1% in the first quarter. Atria Investments Inc now owns 15,611 shares of the software maker’s stock worth $4,859,000 after purchasing an additional 322 shares during the period. Finally, Burney Co. raised its holdings in Cadence Design Systems by 3.9% during the 1st quarter. Burney Co. now owns 37,089 shares of the software maker’s stock worth $11,545,000 after purchasing an additional 1,387 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, SVP Karna Nisewaner sold 659 shares of Cadence Design Systems stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $181,870.82. Following the transaction, the senior vice president now owns 16,029 shares in the company, valued at $4,423,683.42. The trade was a 3.95 % decrease in their ownership of the stock. 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 Cadence Design Systems stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $413,970.00. Following the sale, the director now directly owns 43,551 shares in the company, valued at $12,019,204.98. This trade represents a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,634 shares of company stock valued at $1,558,535. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $304.68 on Thursday. 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 stock’s fifty day moving average price is $280.77 and its two-hundred day moving average price is $284.12. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The firm has a market cap of $83.56 billion, a price-to-earnings ratio of 79.97, a P/E/G ratio of 4.24 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.01 earnings per share. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Analyst Ratings Changes

CDNS has been the subject of several recent research reports. Robert W. Baird upped 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 report on Tuesday, October 29th. Mizuho initiated coverage on shares of Cadence Design Systems in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target for the company. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Oppenheimer began coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target on the stock. Finally, Wells Fargo & Company began coverage on Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $326.00.

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.