US Bancorp DE cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 7.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,676 shares of the software maker's stock after selling 3,194 shares during the quarter. US Bancorp DE's holdings in Cadence Design Systems were worth $10,211,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker's stock valued at $7,763,496,000 after purchasing an additional 437,101 shares during the period. Jennison Associates LLC increased its holdings in Cadence Design Systems by 6.9% in the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker's stock valued at $2,205,582,000 after buying an additional 459,603 shares during the period. Legal & General Group Plc increased its holdings in Cadence Design Systems by 1.8% in the 2nd quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker's stock valued at $772,187,000 after buying an additional 43,654 shares during the period. Van ECK Associates Corp raised its stake in shares of Cadence Design Systems by 10.5% in the 2nd quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker's stock valued at $675,731,000 after buying an additional 209,301 shares in the last quarter. Finally, Swedbank AB lifted its holdings in shares of Cadence Design Systems by 15.1% during the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker's stock worth $475,336,000 after acquiring an additional 230,672 shares during the period. 84.85% of the stock is currently owned by institutional investors.
Shares of CDNS stock opened at $282.09 on Friday. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The company has a current ratio of 2.45, a quick ratio of 1.32 and a debt-to-equity ratio of 0.54. The firm's 50 day moving average is $267.18 and its 200-day moving average is $281.73. The firm has a market capitalization of $77.24 billion, a price-to-earnings ratio of 74.04, a PEG ratio of 3.55 and a beta of 1.02.
Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.20. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business's revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.01 EPS. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.
Several research analysts recently issued reports on CDNS shares. Rosenblatt Securities reissued a "neutral" rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Berenberg Bank assumed coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a "buy" rating and a $320.00 target price for the company. Piper Sandler upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and set a $318.00 price target on the stock in a research report on Tuesday, August 6th. Oppenheimer started coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an "underperform" rating and a $225.00 price objective for the company. Finally, Needham & Company LLC lowered their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating on the stock in a report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $323.17.
Check Out Our Latest Stock Report on CDNS
In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the transaction, the vice president now directly owns 64,544 shares in the company, valued at approximately $17,226,148.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the completion of the sale, the vice president now owns 64,544 shares in the company, valued at approximately $17,226,148.16. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the transaction, the director now directly owns 42,051 shares in the company, valued at approximately $11,928,186.66. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,697 shares of company stock worth $7,555,216 over the last three months. 1.99% of the stock is currently owned by company insiders.
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.
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