Cadence Design Systems, Inc. $CDNS Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp lessened its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 113,314 shares of the software maker’s stock after selling 21,974 shares during the period. King Luther Capital Management Corp’s holdings in Cadence Design Systems were worth $37,415,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bingham Private Wealth LLC boosted its position in Cadence Design Systems by 9.1% in the 3rd quarter. Bingham Private Wealth LLC now owns 1,074 shares of the software maker’s stock valued at $355,000 after buying an additional 90 shares during the period. Maryland State Retirement & Pension System raised its stake in shares of Cadence Design Systems by 14.8% during the third quarter. Maryland State Retirement & Pension System now owns 17,011 shares of the software maker’s stock valued at $5,617,000 after acquiring an additional 2,195 shares in the last quarter. Ritholtz Wealth Management boosted its holdings in shares of Cadence Design Systems by 2.3% in the third quarter. Ritholtz Wealth Management now owns 4,054 shares of the software maker’s stock valued at $1,338,000 after purchasing an additional 93 shares during the period. NBH Bank boosted its holdings in shares of Cadence Design Systems by 3.0% in the third quarter. NBH Bank now owns 5,315 shares of the software maker’s stock valued at $1,755,000 after purchasing an additional 157 shares during the period. Finally, First Command Advisory Services Inc. boosted its holdings in shares of Cadence Design Systems by 103.5% in the third quarter. First Command Advisory Services Inc. now owns 346 shares of the software maker’s stock valued at $114,000 after purchasing an additional 176 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Key Cadence Design Systems News

Here’s some of the latest news about CDNS:

• Neutral Sentiment: Analyst coverage remains broadly favorable: the cited consensus is “Moderate Buy,” with an average target of about $410. This is supportive background, rather than a clearly new rating catalyst. Article: Wall Street Analysts Think Cadence Is a Good Investment: Is It?
• Negative Sentiment: A recent article argues CDNS could be overvalued despite the new AI-related design-platform news. With the stock’s valuation elevated, investors may want evidence that new offerings can translate into sustained growth. Article: Cadence Design Systems Stock Could Be Overvalued On Fresh AI Design Platform News
• Negative Sentiment: VP Paul Scannell sold 2,401 shares, reducing his holding by about 8%. The transaction was made under a pre-arranged Rule 10b5-1 plan, which may lessen its significance as a bearish signal. Article: Cadence Design Systems VP Sells 2,401 Shares of Stock

Cadence Design Systems Stock Down 0.7%

Cadence Design Systems stock opened at $329.26 on Thursday. The business has a fifty day moving average of $319.93 and a two-hundred day moving average of $327.68. The company has a quick ratio of 1.18, a current ratio of 1.36 and a debt-to-equity ratio of 0.29. The firm has a market cap of $90.34 billion, a P/E ratio of 65.46, a P/E/G ratio of 3.14 and a beta of 1.10. Cadence Design Systems, Inc. has a twelve month low of $262.75 and a twelve month high of $416.69.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.06. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The business’s revenue was up 22.0% compared to the same quarter last year. During the same period last year, the business posted $1.93 EPS. On average, analysts forecast that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $285.51, for a total transaction of $51,391.80. Following the completion of the transaction, the director owned 7,824 shares in the company, valued at $2,233,830.24. The trade was a 2.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Cunningham sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $277.12, for a total transaction of $554,240.00. Following the transaction, the vice president owned 121,793 shares of the company’s stock, valued at approximately $33,751,276.16. This trade represents a 1.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 11,361 shares of company stock valued at $3,648,078. Company insiders own 0.49% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on CDNS. Bank of America raised their price objective on Cadence Design Systems from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. FBN Securities started coverage on Cadence Design Systems in a research note on Friday, September 11th. They set an “outperform” rating and a $375.00 price target on the stock. Citigroup lifted their price objective on Cadence Design Systems from $400.00 to $420.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Oppenheimer restated a “market perform” rating and issued a $300.00 price objective (up from $275.00) on shares of Cadence Design Systems in a report on Tuesday, July 28th. Finally, Mizuho set a $400.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $410.05.

Cadence Design Systems Profile

Cadence Design Systems, Inc. develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards. The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.