Clarius Group LLC Lowers Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Clarius Group LLC decreased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,249 shares of the software maker’s stock after selling 65 shares during the quarter. Clarius Group LLC’s holdings in Cadence Design Systems were worth $692,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Cadence Design Systems in the 4th quarter worth about $1,141,059,000. Swedbank AB acquired a new stake in Cadence Design Systems during the first quarter valued at approximately $439,988,000. BNP Paribas Financial Markets lifted its stake in Cadence Design Systems by 58.1% during the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after purchasing an additional 468,195 shares during the last quarter. Jennison Associates LLC lifted its stake in Cadence Design Systems by 6.9% during the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after purchasing an additional 459,603 shares during the last quarter. Finally, 1832 Asset Management L.P. lifted its stake in Cadence Design Systems by 111.5% during the first quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock valued at $266,583,000 after purchasing an additional 451,530 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Activity

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total value of $430,710.00. Following the completion of the transaction, the director now owns 49,551 shares in the company, valued at approximately $14,228,074.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total value of $430,710.00. Following the completion of the transaction, the director now owns 49,551 shares in the company, valued at approximately $14,228,074.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $287.31, for a total value of $172,386.00. Following the completion of the transaction, the senior vice president now owns 19,880 shares of the company’s stock, valued at approximately $5,711,722.80. The disclosure for this sale can be found here. Insiders sold 49,184 shares of company stock worth $14,719,573 in the last quarter. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ CDNS traded down $0.76 during trading hours on Friday, reaching $267.92. 210,707 shares of the company’s stock were exchanged, compared to its average volume of 1,720,844. The stock has a market cap of $72.99 billion, a PE ratio of 69.97, a price-to-earnings-growth ratio of 3.14 and a beta of 1.03. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The firm has a fifty day moving average of $294.74 and a 200-day moving average of $296.86. Cadence Design Systems, Inc. has a one year low of $217.77 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.94 EPS. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently commented on CDNS shares. Robert W. Baird cut their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a report on Tuesday. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday. KeyCorp lifted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Cadence Design Systems Profile

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.