Cadence Design Systems, Inc. $CDNS Stock: TrinityBridge Ltd Decreases Holdings

TrinityBridge Ltd cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 64,500 shares of the software maker’s stock after selling 4,948 shares during the quarter. TrinityBridge Ltd’s holdings in Cadence Design Systems were worth $21,297,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Van ECK Associates Corp lifted its holdings in shares of Cadence Design Systems by 21.8% in the 2nd quarter. Van ECK Associates Corp now owns 4,889,765 shares of the software maker’s stock worth $1,835,227,000 after purchasing an additional 874,392 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Cadence Design Systems by 1.5% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,385,655 shares of the software maker’s stock valued at $1,270,704,000 after purchasing an additional 48,937 shares during the period. Assenagon Asset Management S.A. grew its stake in 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 worth $930,522,000 after buying an additional 2,582,812 shares during the last quarter. Amundi grew its stake in Cadence Design Systems by 3.8% during the 1st quarter. Amundi now owns 2,060,334 shares of the software maker’s stock worth $572,488,000 after buying an additional 75,492 shares during the last quarter. Finally, Legal & General Group Plc bought a new position in Cadence Design Systems during the 2nd quarter worth $702,615,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 2,000 shares of Cadence Design Systems stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $277.12, for a total transaction of $554,240.00. Following the sale, the vice president directly owned 121,793 shares in the company, valued at $33,751,276.16. The trade was a 1.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of Cadence Design Systems stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $350.07, for a total transaction of $437,587.50. Following the sale, the director owned 39,544 shares in the company, valued at approximately $13,843,168.08. This represents a 3.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 8,960 shares of company stock worth $2,834,139. Insiders own 0.49% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on CDNS shares. Wall Street Zen raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Wednesday, October 28th. Bank of America boosted their price target on shares of Cadence Design Systems from $400.00 to $420.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $420.00 price target (up from $400.00) on shares of Cadence Design Systems in a research report on Wednesday, October 7th. Needham & Company LLC upped their price target on shares of Cadence Design Systems from $400.00 to $430.00 and gave the stock a “buy” rating in a research report on Tuesday, October 27th. Finally, Citigroup increased their price objective on shares of Cadence Design Systems from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $410.05.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $323.75 on Wednesday. The company has a current ratio of 1.36, a quick ratio of 1.18 and a debt-to-equity ratio of 0.29. The stock has a 50 day simple moving average of $320.90 and a 200-day simple moving average of $327.36. The company has a market cap of $88.83 billion, a PE ratio of 64.36, a P/E/G ratio of 3.12 and a beta of 1.10. Cadence Design Systems, Inc. has a 12-month low of $262.75 and a 12-month high of $416.69.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 26th. The software maker reported $2.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.06. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same period in the prior year, the company posted $1.93 EPS. The business’s revenue for the quarter was up 22.0% compared to the same quarter last year. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 6.71 EPS for the current year.

Cadence Design Systems Profile

Cadence Design Systems, Inc develops computational software, hardware, and semiconductor intellectual property used to design and verify electronic systems and integrated circuits. Its electronic design automation (EDA) solutions support chip development across areas such as digital and custom IC design, functional verification, emulation, prototyping, and system analysis.

The company also provides semiconductor IP, including processor cores, interconnect technologies, memory interfaces, and other building blocks that help customers develop complex chips.