Envestnet Asset Management Inc. Cuts Stock Position in Cadence Design Systems, Inc. $CDNS

Envestnet Asset Management Inc. trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,000,954 shares of the software maker’s stock after selling 95,151 shares during the period. Envestnet Asset Management Inc.’s holdings in Cadence Design Systems were worth $351,595,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Cadence Design Systems in the second quarter valued at about $1,190,618,000. Massachusetts Financial Services Co. MA lifted its position in Cadence Design Systems by 16.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,314,407 shares of the software maker’s stock valued at $1,866,739,000 after purchasing an additional 731,788 shares during the period. Voya Investment Management LLC boosted its holdings in Cadence Design Systems by 914.2% in the 3rd quarter. Voya Investment Management LLC now owns 691,071 shares of the software maker’s stock valued at $242,746,000 after purchasing an additional 622,934 shares in the last quarter. Scge Management L.P. purchased a new stake in Cadence Design Systems in the 2nd quarter valued at approximately $187,663,000. Finally, Bain Capital Public Equity Management II LLC acquired a new position in Cadence Design Systems during the 2nd quarter worth approximately $130,534,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 1.1%

Shares of CDNS stock opened at $271.53 on Thursday. The stock has a market cap of $73.91 billion, a P/E ratio of 69.98, a P/E/G ratio of 3.00 and a beta of 1.01. The company has a quick ratio of 2.84, a current ratio of 3.05 and a debt-to-equity ratio of 0.48. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45. The business has a fifty day simple moving average of $316.18 and a 200-day simple moving average of $332.17.

Analyst Ratings Changes

CDNS has been the subject of several recent analyst reports. Rosenblatt Securities raised their price target on Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a report on Tuesday, October 28th. Wells Fargo & Company raised their target price on Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Weiss Ratings restated a “hold (c)” rating on shares of Cadence Design Systems in a research report on Monday, December 29th. JPMorgan Chase & Co. increased their price target on shares of Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Finally, Robert W. Baird raised their price objective on shares of Cadence Design Systems from $390.00 to $418.00 and gave the company an “outperform” rating in a research note on Tuesday, October 28th. Thirteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average target price of $379.59.

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $295.09, for a total transaction of $295,090.00. Following the completion of the transaction, the vice president owned 95,137 shares in the company, valued at approximately $28,073,977.33. The trade was a 1.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Anirudh Devgan sold 20,000 shares of the company’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $340.00, for a total transaction of $6,800,000.00. Following the completion of the sale, the chief executive officer directly owned 195,844 shares in the company, valued at $66,586,960. This trade represents a 9.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 56,475 shares of company stock worth $18,505,486 in the last three months. Company insiders own 1.99% of the company’s stock.

About Cadence Design Systems

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.