Mutual of America Capital Management LLC Lowers Stock Holdings in Cadence Design Systems, Inc. $CDNS

Mutual of America Capital Management LLC lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.7% in the 3rd quarter, Holdings Channel.com reports. The fund owned 29,533 shares of the software maker’s stock after selling 1,776 shares during the period. Mutual of America Capital Management LLC’s holdings in Cadence Design Systems were worth $10,374,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Barrett & Company Inc. bought a new position in shares of Cadence Design Systems in the second quarter worth $31,000. Robbins Farley bought a new position in Cadence Design Systems in the 3rd quarter worth about $35,000. Strategic Wealth Investment Group LLC purchased a new stake in shares of Cadence Design Systems in the 2nd quarter valued at about $32,000. Promus Capital LLC bought a new stake in shares of Cadence Design Systems during the 2nd quarter valued at about $33,000. Finally, Heartwood Wealth Advisors LLC purchased a new position in shares of Cadence Design Systems during the third quarter worth about $39,000. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Trading Up 1.2%

Shares of CDNS stock opened at $322.02 on Tuesday. The business has a 50-day moving average of $317.39 and a 200 day moving average of $333.38. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.84. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $376.45. The stock has a market capitalization of $87.65 billion, a PE ratio of 83.00, a P/E/G ratio of 3.55 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 27th. The software maker reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.14. Cadence Design Systems had a return on equity of 30.13% and a net margin of 20.35%.The firm had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the previous year, the company posted $1.64 earnings per share. The business’s revenue was up 10.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 5,490 shares of the stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $339.43, for a total transaction of $1,863,470.70. Following the completion of the sale, the vice president owned 20,321 shares of the company’s stock, valued at $6,897,557.03. This represents a 21.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $315.70, for a total transaction of $315,700.00. Following the completion of the transaction, the vice president owned 96,067 shares in the company, valued at $30,328,351.90. The trade was a 1.03% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 62,025 shares of company stock worth $20,369,946 over the last ninety days. Insiders own 0.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. KeyCorp reiterated an “overweight” rating and set a $405.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Citigroup started coverage on shares of Cadence Design Systems in a report on Monday, November 24th. They set a “buy” rating and a $385.00 price objective for the company. Robert W. Baird increased their target price on Cadence Design Systems from $390.00 to $418.00 and gave the company an “outperform” rating in a research note on Tuesday, October 28th. BNP Paribas Exane assumed coverage on Cadence Design Systems in a report on Thursday, October 2nd. They issued an “outperform” rating and a $400.00 price objective for the company. Finally, Rosenblatt Securities raised their price objective on Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a report on Tuesday, October 28th. Thirteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average target price of $379.59.

Cadence Design Systems Profile

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.