Sentry Investment Management LLC Sells 107 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sentry Investment Management LLC decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,319 shares of the software maker’s stock after selling 107 shares during the quarter. Sentry Investment Management LLC’s holdings in Cadence Design Systems were worth $406,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Ulland Investment Advisors LLC bought a new position in shares of Cadence Design Systems in the 1st quarter worth about $25,000. RiverPark Advisors LLC bought a new position in shares of Cadence Design Systems during the first quarter valued at approximately $26,000. ORG Partners LLC lifted its holdings in shares of Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after purchasing an additional 82 shares during the last quarter. Annapolis Financial Services LLC bought a new stake in shares of Cadence Design Systems in the 1st quarter worth approximately $32,000. Finally, Hollencrest Capital Management grew its stake in shares of Cadence Design Systems by 637.5% in the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after buying an additional 102 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $309.09, for a total transaction of $463,635.00. Following the completion of the sale, the director now owns 48,051 shares of the company’s stock, valued at approximately $14,852,083.59. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $307.75, for a total value of $184,650.00. Following the completion of the transaction, the senior vice president now directly owns 19,280 shares in the company, valued at $5,933,420. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $309.09, for a total transaction of $463,635.00. Following the sale, the director now owns 48,051 shares in the company, valued at $14,852,083.59. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,613 shares of company stock valued at $10,701,156. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

CDNS stock opened at $264.72 on Thursday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. Cadence Design Systems, Inc. has a 1 year low of $227.05 and a 1 year high of $328.99. The company has a market cap of $72.12 billion, a P/E ratio of 68.94, a price-to-earnings-growth ratio of 2.98 and a beta of 1.02. The stock’s fifty day moving average price is $275.72 and its 200-day moving average price is $292.03.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period last year, the firm posted $0.94 earnings per share. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Robert W. Baird lowered their price objective on 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. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, August 6th. KeyCorp raised their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Finally, Bank of America raised their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.