Cadence Design Systems, Inc. $CDNS Shares Sold by Renaissance Group LLC

Renaissance Group LLC cut its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 110,648 shares of the software maker’s stock after selling 3,149 shares during the period. Cadence Design Systems makes up 1.5% of Renaissance Group LLC’s holdings, making the stock its 15th largest position. Renaissance Group LLC’s holdings in Cadence Design Systems were worth $38,866,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Strategic Wealth Investment Group LLC purchased a new position in Cadence Design Systems during the 2nd quarter worth approximately $32,000. Promus Capital LLC acquired a new stake in shares of Cadence Design Systems in the second quarter worth $33,000. Robbins Farley purchased a new position in shares of Cadence Design Systems during the third quarter worth $35,000. Cloud Capital Management LLC acquired a new position in Cadence Design Systems during the third quarter valued at $35,000. Finally, Heartwood Wealth Advisors LLC purchased a new stake in Cadence Design Systems in the third quarter valued at $39,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 4.9%

Shares of Cadence Design Systems stock opened at $283.44 on Friday. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $376.45. The firm’s 50-day moving average price is $314.89 and its 200 day moving average price is $331.51. The company has a current ratio of 3.05, a quick ratio of 2.84 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $77.15 billion, a PE ratio of 73.05, a P/E/G ratio of 3.02 and a beta of 1.01.

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 20,000 shares of the company’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $340.00, for a total transaction of $6,800,000.00. Following the completion of the sale, the chief executive officer owned 195,844 shares of the company’s stock, valued at $66,586,960. This represents a 9.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John M. Wall sold 27,805 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The stock was 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 directly owned 69,957 shares in the company, valued at approximately $22,286,201.49. This represents a 28.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 56,475 shares of company stock valued at $18,505,486. Insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the subject of a number of recent research reports. 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. Oppenheimer upgraded Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price target for the company in a research report on Monday, December 1st. Robert W. Baird upped their price objective on Cadence Design Systems from $390.00 to $418.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 28th. KeyCorp reaffirmed an “overweight” rating and set a $405.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 28th. Finally, Wolfe Research restated an “outperform” rating and set a $385.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Thirteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $379.59.

Cadence Design Systems 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.