Mediolanum International Funds Ltd Sells 300 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mediolanum International Funds Ltd cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,955 shares of the software maker’s stock after selling 300 shares during the period. Mediolanum International Funds Ltd’s holdings in Cadence Design Systems were worth $2,724,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. RiverPark Advisors LLC bought a new stake in Cadence Design Systems during the 1st quarter valued at about $26,000. ORG Partners LLC lifted its stake in shares of Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after purchasing an additional 82 shares during the last quarter. Annapolis Financial Services LLC purchased a new position in Cadence Design Systems in the first quarter valued at about $32,000. Hollencrest Capital Management lifted its position in shares of Cadence Design Systems by 637.5% during the first quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after buying an additional 102 shares during the last quarter. Finally, Chilton Capital Management LLC raised its stake in shares of Cadence Design Systems by 244.0% during the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after acquiring an additional 122 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $257.30 on Friday. The stock has a market capitalization of $70.45 billion, a PE ratio of 66.49, a P/E/G ratio of 3.03 and a beta of 1.02. The company has a fifty day moving average of $267.42 and a two-hundred day moving average of $282.89. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. Cadence Design Systems, Inc. has a fifty-two week low of $228.66 and a fifty-two week high of $328.99.

Analysts Set New Price Targets

Several research analysts recently issued reports on CDNS shares. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research report on Tuesday, August 6th. Robert W. Baird lowered their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, October 7th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Finally, Mizuho assumed coverage on Cadence Design Systems in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average target price of $323.42.

Insider Transactions at Cadence Design Systems

In other news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the completion of the sale, the vice president now owns 95,408 shares of the company’s stock, valued at $26,366,954.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.24, for a total transaction of $414,360.00. Following the transaction, the director now owns 45,051 shares in the company, valued at $12,444,888.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the sale, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $26,366,954.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,347 shares of company stock valued at $7,728,272 over the last ninety days. Insiders own 1.99% of the company’s stock.

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.