Cadence Design Systems, Inc. (NASDAQ:CDNS) Stake Cut by New Century Financial Group LLC

New Century Financial Group LLC lessened its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 28.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 2,250 shares of the software maker’s stock after selling 895 shares during the period. New Century Financial Group LLC’s holdings in Cadence Design Systems were worth $610,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in CDNS. Capital Market Strategies LLC increased its stake in Cadence Design Systems by 3.1% in the 2nd quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after buying an additional 39 shares during the period. Inspire Advisors LLC increased its stake in shares of Cadence Design Systems by 1.8% in the first quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock worth $694,000 after acquiring an additional 40 shares during the last quarter. Trust Point Inc. raised its holdings in shares of Cadence Design Systems by 2.9% during the third quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after acquiring an additional 40 shares in the last quarter. Wealthcare Advisory Partners LLC boosted its position in Cadence Design Systems by 4.5% during the first quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock valued at $296,000 after purchasing an additional 41 shares during the last quarter. Finally, Stonegate Investment Group LLC grew its stake in Cadence Design Systems by 1.3% in the third quarter. Stonegate Investment Group LLC now owns 3,274 shares of the software maker’s stock valued at $887,000 after purchasing an additional 42 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CDNS. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, October 7th. Robert W. Baird reduced their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Oppenheimer started coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target on the stock. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective for the company. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $323.27.

Cadence Design Systems Trading Down 1.7 %

Cadence Design Systems stock opened at $258.52 on Friday. Cadence Design Systems, Inc. has a 52 week low of $228.66 and a 52 week high of $328.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The firm has a market capitalization of $70.43 billion, a PE ratio of 67.32, a PEG ratio of 3.37 and a beta of 1.02. The business’s 50-day simple moving average is $269.59 and its 200-day simple moving average is $284.68.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter last year, the firm posted $0.94 EPS. The company’s revenue was up 8.6% on a year-over-year basis. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the completion of the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $26,366,954.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the transaction, the vice president now owns 65,194 shares in the company, valued at approximately $17,357,250.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the sale, the vice president now owns 95,408 shares in the company, valued at approximately $26,366,954.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,347 shares of company stock valued at $7,728,272 in the last ninety days. Company insiders own 1.99% of the company’s stock.

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.