Cadence Design Systems, Inc. (NASDAQ:CDNS) Holdings Decreased by Plato Investment Management Ltd

Plato Investment Management Ltd reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 19.9% during the third quarter, Holdings Channel.com reports. The firm owned 6,083 shares of the software maker’s stock after selling 1,511 shares during the period. Plato Investment Management Ltd’s holdings in Cadence Design Systems were worth $1,647,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Swedbank AB bought a new stake in Cadence Design Systems in the first quarter worth about $439,988,000. Principal Financial Group Inc. raised its position in Cadence Design Systems by 280.1% in the second quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after acquiring an additional 1,119,824 shares in the last quarter. Van ECK Associates Corp raised its position in Cadence Design Systems by 26.1% in 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. bought a new stake in Cadence Design Systems in the third quarter worth about $129,285,000. Finally, 1832 Asset Management L.P. raised 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. 84.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CDNS shares. Mizuho started coverage on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target on the stock. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a report on Tuesday, August 6th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Oppenheimer initiated coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective on the stock. Finally, Berenberg Bank initiated coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 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 given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $326.00.

Cadence Design Systems Trading Down 1.1 %

NASDAQ:CDNS opened at $303.04 on Friday. 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, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The stock’s 50-day moving average is $272.61 and its two-hundred day moving average is $282.58. The stock has a market cap of $83.11 billion, a PE ratio of 79.54, a price-to-earnings-growth ratio of 3.64 and a beta of 1.02.

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

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total value of $173,478.50. Following the completion of the sale, the vice president now 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO John M. Wall sold 10,000 shares of the business’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 sale, the chief financial officer now directly 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 position. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,634 shares of company stock valued at $4,217,635. 1.99% of the stock is owned by corporate insiders.

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.