SageView Advisory Group LLC Has $318,000 Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

SageView Advisory Group LLC lowered its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.5% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,021 shares of the software maker’s stock after selling 202 shares during the period. SageView Advisory Group LLC’s holdings in Cadence Design Systems were worth $318,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Cadence Design Systems by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock worth $6,674,006,000 after buying an additional 384,637 shares during the period. Jennison Associates LLC increased its stake in shares of Cadence Design Systems by 6.9% in the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after acquiring an additional 459,603 shares in the last quarter. Norges Bank bought a new stake in shares of Cadence Design Systems in the 4th quarter valued at $1,141,059,000. Nordea Investment Management AB increased its stake in shares of Cadence Design Systems by 7.7% in the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after acquiring an additional 145,351 shares in the last quarter. Finally, Van ECK Associates Corp increased its stake in shares of Cadence Design Systems by 25.4% in the 1st quarter. Van ECK Associates Corp now owns 1,986,413 shares of the software maker’s stock valued at $618,330,000 after acquiring an additional 402,884 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Buying and Selling

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $314.57, for a total value of $471,855.00. Following the completion of the transaction, the director now directly owns 46,551 shares in the company, valued at approximately $14,643,548.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $314.57, for a total value of $471,855.00. Following the sale, the director now directly owns 46,551 shares in the company, valued at $14,643,548.07. The disclosure for this sale can be found here. Insiders have sold 50,134 shares of company stock valued at $14,987,093 over the last ninety days. 1.99% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CDNS. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $322.00 to $341.00 and gave the company an “outperform” rating in a research report on Tuesday, July 2nd. Piper Sandler reissued a “neutral” rating and issued a $318.00 price target on shares of Cadence Design Systems in a research report on Wednesday, July 10th. KeyCorp lifted their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, May 17th. Finally, StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $334.89.

Cadence Design Systems Price Performance

NASDAQ CDNS traded up $1.15 during trading hours on Friday, reaching $278.98. 1,132,242 shares of the stock traded hands, compared to its average volume of 1,557,221. The stock has a 50 day simple moving average of $302.97 and a two-hundred day simple moving average of $297.32. The company has a market cap of $76.00 billion, a price-to-earnings ratio of 72.35, a price-to-earnings-growth ratio of 3.53 and a beta of 1.03. Cadence Design Systems, Inc. has a 1 year low of $217.77 and a 1 year high of $328.99. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the previous year, the company posted $1.02 earnings per share. The business’s revenue was down 1.2% on a year-over-year basis. On average, analysts predict that Cadence Design Systems, Inc. will post 4.77 EPS for the current fiscal year.

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.