Los Angeles Capital Management LLC Sells 16,312 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Los Angeles Capital Management LLC trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 84.9% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,903 shares of the software maker’s stock after selling 16,312 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Cadence Design Systems were worth $787,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Avantax Advisory Services Inc. lifted its position in Cadence Design Systems by 36.3% in the 1st quarter. Avantax Advisory Services Inc. now owns 2,791 shares of the software maker’s stock valued at $869,000 after acquiring an additional 743 shares in the last quarter. Dorsey & Whitney Trust CO LLC boosted its position in shares of Cadence Design Systems by 22.7% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 1,233 shares of the software maker’s stock worth $384,000 after buying an additional 228 shares during the period. Nicolet Advisory Services LLC grew its holdings in shares of Cadence Design Systems by 21.0% during the first quarter. Nicolet Advisory Services LLC now owns 1,134 shares of the software maker’s stock worth $353,000 after buying an additional 197 shares in the last quarter. Vanguard Group Inc. raised its position in Cadence Design Systems by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after buying an additional 437,101 shares during the last quarter. Finally, TIAA Trust National Association lifted its stake in Cadence Design Systems by 3.0% in the 1st quarter. TIAA Trust National Association now owns 2,369 shares of the software maker’s stock valued at $737,000 after acquiring an additional 70 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Needham & Company LLC lowered their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Oppenheimer initiated coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective for the company. 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. Finally, Berenberg Bank started coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average target price of $326.00.

Insider Buying and Selling

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $413,970.00. Following the completion of the sale, the director now owns 43,551 shares of the company’s stock, valued at $12,019,204.98. The trade was a 3.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the sale, the chief financial officer now owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. The trade was a 20.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,634 shares of company stock valued at $4,217,635. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 4.4 %

CDNS stock opened at $289.71 on Friday. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The stock has a market cap of $79.46 billion, a price-to-earnings ratio of 77.22, a price-to-earnings-growth ratio of 3.75 and a beta of 1.02. The company has a fifty day moving average price of $273.65 and a two-hundred day moving average price of $282.72. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27.

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