Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,875,654 shares of the software maker’s stock after selling 22,166 shares during the quarter. Bank of New York Mellon Corp owned about 0.68% of Cadence Design Systems worth $563,559,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. State Street Corp boosted its stake in shares of Cadence Design Systems by 0.5% during the 3rd quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock worth $3,231,422,000 after acquiring an additional 60,490 shares in the last quarter. Jennison Associates LLC boosted its stake in shares of Cadence Design Systems by 5.3% during the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after purchasing an additional 404,076 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Cadence Design Systems by 0.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker’s stock worth $1,081,098,000 after acquiring an additional 37,452 shares during the period. Nordea Investment Management AB grew its position in shares of Cadence Design Systems by 6.5% in the fourth quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock valued at $885,356,000 after purchasing an additional 178,212 shares during the period. Finally, Van ECK Associates Corp grew its holdings in Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after buying an additional 572,251 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $248.90 on Wednesday. The company has a 50-day moving average price of $298.08 and a two-hundred day moving average price of $287.22. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock has a market cap of $68.26 billion, a price-to-earnings ratio of 64.48, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Buying and Selling

In other news, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the sale, the vice president now owns 58,773 shares in the company, valued at approximately $17,180,523.36. The trade was a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock valued at $33,538,875 over the last three months. Company insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on CDNS shares. Loop Capital dropped their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Redburn Atlantic started coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 price objective on the stock. Robert W. Baird cut their price target on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Bank of America reduced their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Finally, Mizuho lifted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $326.92.

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.