Rhumbline Advisers Trims Stake in Cadence Design Systems, Inc. $CDNS

Rhumbline Advisers lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 515,817 shares of the software maker’s stock after selling 8,305 shares during the quarter. Rhumbline Advisers owned 0.19% of Cadence Design Systems worth $181,186,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of CDNS. Tiemann Investment Advisors LLC lifted its stake in shares of Cadence Design Systems by 2.9% in the 2nd quarter. Tiemann Investment Advisors LLC now owns 1,050 shares of the software maker’s stock valued at $324,000 after purchasing an additional 30 shares during the last quarter. Occidental Asset Management LLC increased its position in Cadence Design Systems by 2.3% during the 3rd quarter. Occidental Asset Management LLC now owns 1,321 shares of the software maker’s stock valued at $464,000 after purchasing an additional 30 shares during the period. Whittier Trust Co. lifted its holdings in Cadence Design Systems by 0.4% during the third quarter. Whittier Trust Co. now owns 7,072 shares of the software maker’s stock worth $2,456,000 after buying an additional 30 shares during the period. Cornerstone Wealth Group LLC grew its stake in Cadence Design Systems by 4.3% in the third quarter. Cornerstone Wealth Group LLC now owns 777 shares of the software maker’s stock valued at $273,000 after purchasing an additional 32 shares during the last quarter. Finally, KRS Capital Management LLC boosted its holdings in Cadence Design Systems by 1.4% in the third quarter. KRS Capital Management LLC now owns 2,425 shares of the software maker’s stock worth $852,000 after acquiring an additional 33 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CDNS shares. Citigroup initiated coverage on shares of Cadence Design Systems in a research note on Monday, November 24th. They set a “buy” rating and a $385.00 price objective on the stock. KeyCorp restated an “overweight” rating and set a $405.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 28th. JPMorgan Chase & Co. upped their target price on shares of Cadence Design Systems from $390.00 to $405.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 28th. Rosenblatt Securities lifted their price objective on Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a research note on Tuesday, October 28th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Cadence Design Systems in a report on Monday, December 29th. Thirteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average price target of $379.59.

Insiders Place Their Bets

In other news, CFO John M. Wall sold 27,805 shares of the company’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $318.57, for a total transaction of $8,857,838.85. Following the completion of the transaction, the chief financial officer owned 69,957 shares of the company’s stock, valued at $22,286,201.49. This represents a 28.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Anirudh Devgan sold 20,000 shares of Cadence Design Systems stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $340.00, for a total value of $6,800,000.00. Following the completion of the transaction, the chief executive officer directly owned 195,844 shares in the company, valued at $66,586,960. This represents a 9.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 56,475 shares of company stock valued at $18,505,486. 0.37% of the stock is currently owned by company insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $299.00 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.84. The firm has a market capitalization of $81.39 billion, a price-to-earnings ratio of 77.06, a price-to-earnings-growth ratio of 3.24 and a beta of 1.01. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $376.45. The business’s 50 day simple moving average is $314.14 and its 200-day simple moving average is $331.16.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.