Thrivent Financial for Lutherans Trims Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Thrivent Financial for Lutherans cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 11,778 shares of the software maker’s stock after selling 1,290 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Cadence Design Systems were worth $3,192,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of CDNS. Mechanics Financial Corp lifted its position in shares of Cadence Design Systems by 3.1% during the 3rd quarter. Mechanics Financial Corp now owns 5,218 shares of the software maker’s stock valued at $1,414,000 after buying an additional 155 shares in the last quarter. Atlanta Consulting Group Advisors LLC purchased a new position in Cadence Design Systems during the third quarter valued at approximately $236,000. Paragon Advisors LLC lifted its holdings in Cadence Design Systems by 0.6% during the third quarter. Paragon Advisors LLC now owns 6,465 shares of the software maker’s stock valued at $1,752,000 after purchasing an additional 41 shares in the last quarter. Natixis Advisors LLC boosted its position in shares of Cadence Design Systems by 6.1% in the third quarter. Natixis Advisors LLC now owns 181,610 shares of the software maker’s stock worth $49,222,000 after purchasing an additional 10,371 shares during the period. Finally, First Long Island Investors LLC purchased a new stake in shares of Cadence Design Systems in the third quarter worth $4,162,000. Institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In related news, CFO John M. Wall sold 10,000 shares of the stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the sale, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. This represents a 20.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total transaction of $173,478.50. Following the completion of the sale, the vice president now directly owns 64,544 shares of the company’s stock, valued at approximately $17,226,148.16. The trade was a 1.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,634 shares of company stock valued at $4,217,635 over the last ninety days. 1.99% of the stock is owned by insiders.

Cadence Design Systems Stock Up 0.2 %

NASDAQ CDNS opened at $312.39 on Tuesday. The stock has a 50 day moving average price of $279.36 and a 200-day moving average price of $283.82. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The company has a market capitalization of $85.68 billion, a P/E ratio of 81.99, a P/E/G ratio of 4.23 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the business earned $1.01 earnings per share. Cadence Design Systems’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CDNS shares. Berenberg Bank began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price on the stock. Mizuho began coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price objective on the stock. Wells Fargo & Company initiated coverage on Cadence Design Systems in a research report on Friday. They set an “overweight” rating and a $350.00 target price for the company. Needham & Company LLC lowered their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.

Cadence Design Systems Company 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.