Wedge Capital Management L L P NC Sells 50,528 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Wedge Capital Management L L P NC lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 18.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 219,894 shares of the software maker’s stock after selling 50,528 shares during the period. Cadence Design Systems makes up about 1.2% of Wedge Capital Management L L P NC’s investment portfolio, making the stock its 12th largest holding. Wedge Capital Management L L P NC owned 0.08% of Cadence Design Systems worth $67,672,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in CDNS. Vanguard Group Inc. grew its position in Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after buying an additional 437,101 shares during the period. Jennison Associates LLC grew its holdings in Cadence Design Systems by 6.9% during the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after buying an additional 459,603 shares in the last quarter. Norges Bank bought a new stake in Cadence Design Systems in the fourth quarter worth $1,141,059,000. Nordea Investment Management AB lifted its holdings in shares of Cadence Design Systems by 7.7% in the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after acquiring an additional 145,351 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in Cadence Design Systems by 25.4% during the first quarter. Van ECK Associates Corp now owns 1,986,413 shares of the software maker’s stock valued at $618,330,000 after purchasing an additional 402,884 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on CDNS. Robert W. Baird reduced their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a report on Tuesday, August 6th. KeyCorp increased their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Bank of America boosted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Finally, StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $334.56.

Cadence Design Systems Stock Performance

Shares of CDNS stock traded up $8.34 during trading hours on Thursday, hitting $280.12. The company’s stock had a trading volume of 1,708,773 shares, compared to its average volume of 1,728,396. The company has a 50 day moving average of $293.22 and a 200 day moving average of $296.22. The stock has a market cap of $76.31 billion, a PE ratio of 70.78, a price-to-earnings-growth ratio of 3.14 and a beta of 1.03. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a 12-month low of $217.77 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the prior year, the firm posted $0.94 EPS. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. On average, sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.74 EPS for the current fiscal year.

Insider Activity

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $287.31, for a total transaction of $172,386.00. Following the sale, the senior vice president now owns 19,880 shares of the company’s stock, valued at approximately $5,711,722.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $287.31, for a total transaction of $172,386.00. Following the completion of the sale, the senior vice president now directly owns 19,880 shares in the company, valued at $5,711,722.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Chin-Chi Teng sold 32,184 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the sale, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The disclosure for this sale can be found here. Insiders have sold a total of 47,684 shares of company stock worth $14,288,863 over the last 90 days. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Company Profile

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.