Cadence Design Systems, Inc. $CDNS Stock Position Lessened by One Way Holdings LLC

One Way Holdings LLC cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 81.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,496 shares of the software maker’s stock after selling 63,080 shares during the quarter. One Way Holdings LLC’s holdings in Cadence Design Systems were worth $4,786,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Van ECK Associates Corp lifted its position in Cadence Design Systems by 21.8% in the second quarter. Van ECK Associates Corp now owns 4,889,765 shares of the software maker’s stock valued at $1,835,227,000 after purchasing an additional 874,392 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Cadence Design Systems by 1.5% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,385,655 shares of the software maker’s stock valued at $1,270,704,000 after acquiring an additional 48,937 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Cadence Design Systems by 1,097.5% during the third quarter. Assenagon Asset Management S.A. now owns 2,818,141 shares of the software maker’s stock valued at $930,522,000 after acquiring an additional 2,582,812 shares during the last quarter. Amundi boosted its holdings in shares of Cadence Design Systems by 3.8% during the first quarter. Amundi now owns 2,060,334 shares of the software maker’s stock worth $572,488,000 after purchasing an additional 75,492 shares during the period. Finally, Legal & General Group Plc purchased a new position in Cadence Design Systems during the 2nd quarter valued at about $702,615,000. 84.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CDNS has been the subject of several research analyst reports. Morgan Stanley reaffirmed an “overweight” rating and issued a $400.00 target price (up from $370.00) on shares of Cadence Design Systems in a research report on Wednesday, July 29th. Weiss Ratings raised shares of Cadence Design Systems from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 22nd. Citigroup upped their price objective on shares of Cadence Design Systems from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Rothschild & Co Redburn lifted their target price on shares of Cadence Design Systems from $385.00 to $395.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Finally, FBN Securities assumed coverage on Cadence Design Systems in a research note on Friday, September 11th. They issued an “outperform” rating and a $375.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $410.05.

Insider Activity at Cadence Design Systems

In other news, Director Ita Brennan sold 180 shares of the business’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $285.51, for a total value of $51,391.80. Following the completion of the sale, the director owned 7,824 shares in the company, valued at approximately $2,233,830.24. The trade was a 2.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of the firm’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $350.07, for a total transaction of $437,587.50. Following the completion of the sale, the director owned 39,544 shares in the company, valued at $13,843,168.08. This represents a 3.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 8,960 shares of company stock worth $2,834,139. Insiders own 0.49% of the company’s stock.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $327.89 on Monday. The stock’s fifty day moving average is $320.53 and its 200 day moving average is $327.27. The stock has a market cap of $89.97 billion, a P/E ratio of 65.19, a P/E/G ratio of 3.11 and a beta of 1.10. Cadence Design Systems, Inc. has a one year low of $262.75 and a one year high of $416.69. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.18 and a current ratio of 1.36.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 26th. The software maker reported $2.11 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.06. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the prior year, the company posted $1.93 earnings per share. The business’s quarterly revenue was up 22.0% compared to the same quarter last year. Sell-side analysts anticipate that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current year.

Cadence Design Systems Profile

Cadence Design Systems, Inc develops computational software, hardware, and semiconductor intellectual property used to design and verify electronic systems and integrated circuits. Its electronic design automation (EDA) solutions support chip development across areas such as digital and custom IC design, functional verification, emulation, prototyping, and system analysis.

The company also provides semiconductor IP, including processor cores, interconnect technologies, memory interfaces, and other building blocks that help customers develop complex chips.