BNP Paribas Financial Markets Sells 131,370 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

BNP Paribas Financial Markets lessened its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.0% in the third quarter, HoldingsChannel.com reports. The fund owned 959,673 shares of the software maker’s stock after selling 131,370 shares during the period. BNP Paribas Financial Markets’ holdings in Cadence Design Systems were worth $260,100,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Missouri Trust & Investment Co acquired a new position in Cadence Design Systems during the 3rd quarter worth approximately $27,000. ORG Partners LLC increased its position in Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after purchasing an additional 82 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new position in Cadence Design Systems during the 3rd quarter worth approximately $28,000. Chilton Capital Management LLC increased its position in Cadence Design Systems by 244.0% during the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after purchasing an additional 122 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its position in Cadence Design Systems by 30.3% during the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after purchasing an additional 47 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other news, CFO John M. Wall sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. This represents a 20.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the sale, the vice president now owns 61,111 shares in the company, valued at approximately $16,866,636. The trade was a 1.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,634 shares of company stock valued at $4,217,635 in the last three months. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Trading Up 0.2 %

Shares of CDNS traded up $0.52 during mid-day trading on Tuesday, reaching $312.39. The company’s stock had a trading volume of 1,944,440 shares, compared to its average volume of 1,768,525. The stock has a market cap of $85.68 billion, a PE ratio of 81.99, a P/E/G ratio of 4.23 and a beta of 1.02. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company’s fifty day moving average price is $279.36 and its two-hundred day moving average price is $283.82.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the business posted $1.01 EPS. The firm’s revenue was up 18.8% compared to the same quarter last year. On average, analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CDNS shares. Oppenheimer started coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target for the company. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research report on Friday. They issued an “overweight” rating and a $350.00 price target for the company. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Robert W. Baird upped their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Finally, Needham & Company LLC reduced their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $326.00.

Cadence Design Systems Company 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.