Thrivent Financial for Lutherans Grows Stock Position in Cadence Design Systems, Inc. $CDNS

Thrivent Financial for Lutherans grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 301.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,999 shares of the software maker’s stock after acquiring an additional 37,558 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Cadence Design Systems were worth $17,563,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of CDNS. Pacer Advisors Inc. boosted its position in Cadence Design Systems by 83.3% in the third quarter. Pacer Advisors Inc. now owns 182,348 shares of the software maker’s stock valued at $64,052,000 after buying an additional 82,856 shares during the last quarter. Stanley Laman Group Ltd. acquired a new stake in Cadence Design Systems during the 3rd quarter valued at approximately $6,177,000. Patton Fund Management Inc. lifted its stake in Cadence Design Systems by 1,743.7% during the 3rd quarter. Patton Fund Management Inc. now owns 13,994 shares of the software maker’s stock valued at $4,916,000 after acquiring an additional 13,235 shares during the period. Westerkirk Capital Inc. purchased a new stake in shares of Cadence Design Systems in the 2nd quarter valued at $2,024,000. Finally, EFG Asset Management North America Corp. acquired a new stake in shares of Cadence Design Systems in the second quarter worth $4,073,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Scannell sold 5,490 shares of the company’s 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 transaction, the vice president directly owned 20,321 shares in the company, valued at approximately $6,897,557.03. This represents a 21.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO John M. Wall sold 27,805 shares of the stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $318.57, for a total transaction of $8,857,838.85. Following the transaction, the chief financial officer directly owned 69,957 shares in the company, valued at approximately $22,286,201.49. The trade was a 28.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 55,475 shares of company stock worth $18,210,396 in the last 90 days. 0.37% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Cadence Design Systems in a research report on Monday, December 29th. Rosenblatt Securities boosted 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. Needham & Company LLC reaffirmed a “buy” rating and set a $390.00 target price on shares of Cadence Design Systems in a report on Monday, December 22nd. KeyCorp reiterated an “overweight” rating and set a $405.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Finally, Citigroup initiated coverage on Cadence Design Systems in a research report on Monday, November 24th. They issued a “buy” rating and a $385.00 price objective on the stock. Thirteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $379.59.

Cadence Design Systems Stock Down 7.2%

Cadence Design Systems stock opened at $268.50 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.84. The stock has a market capitalization of $73.09 billion, a PE ratio of 69.20, a price-to-earnings-growth ratio of 3.23 and a beta of 1.01. The business has a 50 day simple moving average of $316.88 and a 200-day simple moving average of $332.60. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $376.45.

Cadence Design Systems Company 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.