Cadence Design Systems, Inc. $CDNS Shares Sold by Cornerstone Advisors LLC

Cornerstone Advisors LLC cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.1% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 40,072 shares of the software maker’s stock after selling 3,074 shares during the period. Cornerstone Advisors LLC’s holdings in Cadence Design Systems were worth $13,231,000 as of its most recent filing with the Securities & Exchange Commission.

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

Cadence Design Systems Trading Down 3.1%

NASDAQ:CDNS opened at $323.01 on Friday. Cadence Design Systems, Inc. has a 52 week low of $262.75 and a 52 week high of $416.69. The firm has a 50 day moving average of $320.83 and a 200 day moving average of $327.76. 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 stock has a market capitalization of $88.63 billion, a price-to-earnings ratio of 64.22, a PEG ratio of 3.16 and a beta of 1.10.

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

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 2,000 shares of the firm’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $323.32, for a total value of $646,640.00. Following the completion of the transaction, the vice president owned 124,586 shares of the company’s stock, valued at approximately $40,281,145.52. This trade represents a 1.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ita Brennan sold 180 shares of the business’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $285.51, for a total value of $51,391.80. Following the sale, the director owned 7,824 shares in the company, valued at approximately $2,233,830.24. The trade was a 2.25% 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. Insiders have sold a total of 11,736 shares of company stock worth $3,772,365 in the last three months. 0.49% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CDNS. Bank of America upped their price target on shares of Cadence Design Systems from $400.00 to $420.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Oppenheimer restated a “market perform” rating and set a $300.00 target price (up from $275.00) on shares of Cadence Design Systems in a report on Tuesday, July 28th. Needham & Company LLC increased their target price on Cadence Design Systems from $400.00 to $430.00 and gave the company a “buy” rating in a research report on Tuesday, October 27th. Morgan Stanley reiterated an “overweight” rating and issued a $400.00 price target (up from $370.00) on shares of Cadence Design Systems in a report on Wednesday, July 29th. Finally, Citigroup boosted their price target on Cadence Design Systems from $400.00 to $420.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $410.05.

About Cadence Design Systems

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.