SageView Advisory Group LLC Reduces Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

SageView Advisory Group LLC lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 25.8% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,042 shares of the software maker’s stock after selling 362 shares during the quarter. SageView Advisory Group LLC’s holdings in Cadence Design Systems were worth $282,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Dudley Capital Management LLC lifted its position in Cadence Design Systems by 4.3% in the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock valued at $257,000 after acquiring an additional 39 shares during the last quarter. Trust Point Inc. increased its position in shares of Cadence Design Systems by 2.9% during the third quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after purchasing an additional 40 shares in the last quarter. Falcon Wealth Planning lifted its holdings in shares of Cadence Design Systems by 5.1% in the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after purchasing an additional 40 shares during the last quarter. Fifth Third Wealth Advisors LLC boosted its position in shares of Cadence Design Systems by 0.7% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock valued at $1,501,000 after purchasing an additional 40 shares during the period. Finally, Venture Visionary Partners LLC grew its stake in Cadence Design Systems by 2.5% during the 3rd quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock worth $463,000 after buying an additional 41 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 1.2 %

Cadence Design Systems stock opened at $307.51 on Friday. The stock’s 50 day moving average price is $285.75 and its 200 day moving average price is $285.17. The company has a market cap of $84.34 billion, a PE ratio of 80.71, a price-to-earnings-growth ratio of 4.41 and a beta of 1.03. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the previous year, the firm earned $1.01 EPS. The business’s revenue was up 18.8% on a year-over-year basis. On average, sell-side analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CDNS. Mizuho assumed coverage on Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price objective for the company. Oppenheimer assumed coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target for the company. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Robert W. Baird increased their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, Needham & Company LLC dropped their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $326.00.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the transaction, the director now owns 42,051 shares in the company, valued at $11,928,186.66. This trade represents a 3.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $273.44, for a total value of $177,736.00. Following the transaction, the vice president now directly owns 61,761 shares of the company’s stock, valued at $16,887,927.84. This trade represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,634 shares of company stock valued at $1,584,080. Corporate insiders own 1.99% of the company’s stock.

About Cadence Design Systems

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.