Cadence Design Systems, Inc. (NASDAQ:CDNS) Position Trimmed by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund cut its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,107 shares of the software maker’s stock after selling 670 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Cadence Design Systems were worth $2,197,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of CDNS. Swedbank AB acquired a new stake in shares of Cadence Design Systems during the 1st quarter valued at $439,988,000. Principal Financial Group Inc. boosted its holdings in shares of Cadence Design Systems by 280.1% during the second quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after purchasing an additional 1,119,824 shares during the period. Van ECK Associates Corp raised its holdings in shares of Cadence Design Systems by 26.1% during the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after acquiring an additional 572,251 shares in the last quarter. Meridiem Investment Management Ltd. acquired a new stake in shares of Cadence Design Systems during the 3rd quarter valued at about $129,285,000. Finally, 1832 Asset Management L.P. grew its position in Cadence Design Systems by 111.5% in the first quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock worth $266,583,000 after acquiring an additional 451,530 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the 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 completion of the transaction, the director now directly owns 43,551 shares of the company’s stock, valued at $12,019,204.98. This represents a 3.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer now owns 38,654 shares in the company, valued at approximately $10,278,485.14. The trade was a 20.55 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,634 shares of company stock worth $4,217,635. Corporate insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price for the company. Needham & Company LLC lowered their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. 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 note on Tuesday, October 29th. Finally, Oppenheimer started coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $326.00.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $289.71 on Friday. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The company has a market cap of $79.46 billion, a P/E ratio of 76.04, a PEG ratio of 3.75 and a beta of 1.02. The company has a fifty day simple moving average of $274.49 and a 200 day simple moving average of $282.82. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data 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 firm had revenue of $1.22 billion during 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 company’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.01 earnings per share. Sell-side analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

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.