181,756 Cadence Design Systems, Inc. $CDNS Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 64.0% during the third quarter, HoldingsChannel.com reports. The fund owned 102,190 shares of the software maker’s stock after selling 181,756 shares during the quarter. Fifth Third Bancorp’s holdings in Cadence Design Systems were worth $33,741,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of CDNS. Assenagon Asset Management S.A. boosted its position in shares of Cadence Design Systems by 1,097.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 2,818,141 shares of the software maker’s stock valued at $930,522,000 after acquiring an additional 2,582,812 shares during the last quarter. Legal & General Group Plc purchased a new position in shares of Cadence Design Systems in the second quarter valued at $702,615,000. Jupiter Topco LLC bought a new stake in Cadence Design Systems in the second quarter worth $688,746,000. Bank of New York Mellon Corp bought a new stake in Cadence Design Systems in the second quarter worth $607,350,000. Finally, Pictet Asset Management Holding SA increased its position in Cadence Design Systems by 118.5% in the third quarter. Pictet Asset Management Holding SA now owns 2,752,620 shares of the software maker’s stock worth $908,709,000 after purchasing an additional 1,493,024 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Deutsche Bank reaffirmed a “buy” rating and set a $420.00 price target (up from $400.00) on shares of Cadence Design Systems in a research note on Wednesday, October 7th. Rosenblatt Securities reissued a “buy” rating and issued a $420.00 price objective on shares of Cadence Design Systems in a research note on Friday, October 23rd. Needham & Company LLC lifted their price objective on shares of Cadence Design Systems from $400.00 to $430.00 and gave the stock a “buy” rating in a research note on Tuesday, October 27th. Benchmark restated a “buy” rating on shares of Cadence Design Systems in a report on Tuesday, July 28th. Finally, FBN Securities started coverage on shares of Cadence Design Systems in a research report on Friday, September 11th. They set an “outperform” rating and a $375.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $410.05.

Insider Buying and Selling

In other Cadence Design Systems news, Director Ita Brennan sold 180 shares of Cadence Design Systems stock in a transaction 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 directly owned 7,824 shares of the company’s stock, valued at $2,233,830.24. The trade was a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Cunningham sold 2,000 shares of Cadence Design Systems stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $324.13, for a total transaction of $648,260.00. Following the transaction, the vice president directly owned 119,612 shares of the company’s stock, valued at $38,769,837.56. The trade was a 1.64% decrease in their ownership of the stock. 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. Insiders sold 11,736 shares of company stock valued at $3,772,365 over the last 90 days. 0.49% of the stock is currently owned by insiders.

Cadence Design Systems News Roundup

Investors following CDNS have been watching these news items:

• Positive Sentiment: Cadence’s new Edge AI subsystem and OrCAD Xplore launch highlight continued product development and may support demand for its design tools. Edge AI subsystem article OrCAD Xplore article
• Neutral Sentiment: Director Lewis Chew sold 375 shares, while VP Paul Scannell sold 2,401 shares under a pre-arranged Rule 10b5-1 plan. Insider sales can draw attention, though the planned nature of Scannell’s transaction makes it less clearly a signal about near-term prospects. Chew SEC filing Scannell SEC filing
• Negative Sentiment: One commentary warns CDNS could be overvalued despite the AI design-platform news, raising the risk that positive product developments are already reflected in the stock’s valuation. Valuation commentary

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $333.32 on Friday. The firm has a market capitalization of $91.46 billion, a price-to-earnings ratio of 66.27, a PEG ratio of 3.12 and a beta of 1.10. Cadence Design Systems, Inc. has a 1 year low of $262.75 and a 1 year high of $416.69. The business has a 50 day simple moving average of $320.47 and a 200-day simple moving average of $327.74. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.18.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.06. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The company’s quarterly revenue was up 22.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.93 EPS. Equities analysts forecast that Cadence Design Systems, Inc. will post 6.71 EPS for the current year.

Cadence Design Systems Company 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.