Cadence Design Systems, Inc. $CDNS Stock Sold by Profund Advisors LLC

Profund Advisors LLC lessened its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,127 shares of the software maker’s stock after selling 1,858 shares during the quarter. Profund Advisors LLC’s holdings in Cadence Design Systems were worth $6,976,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of CDNS. ProShare Advisors LLC grew its holdings in shares of Cadence Design Systems by 6.0% during the 3rd quarter. ProShare Advisors LLC now owns 325,627 shares of the software maker’s stock valued at $107,517,000 after purchasing an additional 18,452 shares during the last quarter. Summit Global Investments boosted its stake in Cadence Design Systems by 57.6% during the 3rd quarter. Summit Global Investments now owns 3,611 shares of the software maker’s stock valued at $1,192,000 after purchasing an additional 1,320 shares during the last quarter. MGO One Seven LLC boosted its stake in shares of Cadence Design Systems by 6.6% in the 3rd quarter. MGO One Seven LLC now owns 20,489 shares of the software maker’s stock worth $6,765,000 after buying an additional 1,274 shares during the last quarter. State of Wyoming bought a new position in Cadence Design Systems during the third quarter worth about $274,000. Finally, Petros Family Wealth LLC grew its position in shares of Cadence Design Systems by 21.2% during the 3rd quarter. Petros Family Wealth LLC now owns 1,246 shares of the software maker’s stock valued at $411,000 after purchasing an additional 218 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CDNS has been the topic of several research reports. Needham & Company LLC lifted their price target on Cadence Design Systems from $400.00 to $430.00 and gave the company a “buy” rating in a research report on Tuesday, October 27th. Rothschild & Co Redburn upped their price target on shares of Cadence Design Systems from $385.00 to $395.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. KeyCorp restated an “overweight” rating on shares of Cadence Design Systems in a research report on Tuesday. The Goldman Sachs Group boosted their price target on shares of Cadence Design Systems from $410.00 to $470.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Finally, Piper Sandler raised their price objective on Cadence Design Systems from $325.00 to $349.00 and gave the company a “neutral” rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $410.05.

Insider Activity

In related news, VP Paul Cunningham sold 2,000 shares of the business’s stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $324.13, for a total value of $648,260.00. Following the sale, the vice president directly owned 119,612 shares in the company, valued at approximately $38,769,837.56. The trade was a 1.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $285.51, for a total value of $51,391.80. Following the completion of the sale, the director owned 7,824 shares of the company’s stock, valued at $2,233,830.24. The trade was a 2.25% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 8,960 shares of company stock worth $2,834,139. Insiders own 0.49% of the company’s stock.

Cadence Design Systems Trading Down 4.3%

Shares of CDNS opened at $327.89 on Friday. Cadence Design Systems, Inc. has a 12-month low of $262.75 and a 12-month high of $416.69. The company has a quick ratio of 1.53, a current ratio of 1.36 and a debt-to-equity ratio of 0.29. The stock’s 50-day moving average price is $320.53 and its 200 day moving average price is $327.27. The firm has a market capitalization of $89.97 billion, a price-to-earnings ratio of 65.19, a P/E/G ratio of 3.11 and a beta of 1.13.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, beating analysts’ consensus estimates of $2.05 by $0.06. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period last year, the company earned $1.93 EPS. The business’s quarterly revenue was up 22.0% compared to the same quarter last year. As a group, research analysts predict that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current year.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc develops computational software, hardware, and semiconductor intellectual property used to design and verify electronic systems and integrated circuits. Its electronic design automation (EDA) solutions support chip development across areas such as digital and custom IC design, functional verification, emulation, prototyping, and system analysis.

The company also provides semiconductor IP, including processor cores, interconnect technologies, memory interfaces, and other building blocks that help customers develop complex chips.