Covea Finance Sells 2,054 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Covea Finance reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.5% in the third quarter, HoldingsChannel.com reports. The firm owned 43,598 shares of the software maker’s stock after selling 2,054 shares during the period. Covea Finance’s holdings in Cadence Design Systems were worth $11,816,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. RiverPark Advisors LLC purchased a new position in shares of Cadence Design Systems in the 1st quarter worth approximately $26,000. ORG Partners LLC raised its holdings in Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after acquiring an additional 82 shares during the period. Annapolis Financial Services LLC bought a new stake in Cadence Design Systems during the 1st quarter valued at $32,000. Hollencrest Capital Management raised its holdings in Cadence Design Systems by 637.5% during the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after acquiring an additional 102 shares during the period. Finally, Rise Advisors LLC bought a new stake in Cadence Design Systems during the 1st quarter valued at $45,000. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Price Performance

CDNS traded up $1.75 during trading on Friday, reaching $282.39. The stock had a trading volume of 1,386,289 shares, compared to its average volume of 1,702,460. The stock has a market cap of $76.93 billion, a PE ratio of 73.54, a PEG ratio of 3.37 and a beta of 1.02. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. Cadence Design Systems, Inc. has a one year low of $228.66 and a one year high of $328.99. The business has a 50-day moving average of $268.79 and a 200-day moving average of $286.40.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The business had revenue of $1.06 billion for 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 firm’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 earnings per share. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Robert W. Baird lowered their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Needham & Company LLC reissued a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Monday, October 7th. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a report on Tuesday, August 6th. Finally, Oppenheimer began coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $323.60.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the completion of the sale, the director now directly owns 46,551 shares in the company, valued at $14,643,548.07. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Cadence Design Systems news, SVP Karna Nisewaner sold 1,213 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $279.49, for a total transaction of $339,021.37. Following the completion of the sale, the senior vice president now directly owns 17,617 shares in the company, valued at $4,923,775.33. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the sale, the director now owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,347 shares of company stock valued at $7,774,637 over the last 90 days. 1.99% of the stock is owned by insiders.

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.