Geneva Capital Management LLC Cuts Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Geneva Capital Management LLC lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.4% during the 4th quarter, Holdings Channel reports. The institutional investor owned 78,470 shares of the software maker’s stock after selling 2,741 shares during the period. Geneva Capital Management LLC’s holdings in Cadence Design Systems were worth $21,373,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of CDNS. Jennison Associates LLC lifted its position in Cadence Design Systems by 8.7% in the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after purchasing an additional 564,085 shares during the last quarter. Northern Trust Corp increased its stake in shares of Cadence Design Systems by 5.6% in the third quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock worth $701,927,000 after buying an additional 158,031 shares during the period. Invesco Ltd. raised its holdings in Cadence Design Systems by 4.9% during the 3rd quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock valued at $471,480,000 after buying an additional 93,984 shares during the last quarter. Nordea Investment Management AB boosted its position in Cadence Design Systems by 124.8% during the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after buying an additional 1,052,228 shares during the period. Finally, Wellington Management Group LLP grew its holdings in Cadence Design Systems by 143.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after acquiring an additional 962,987 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. KeyCorp lifted their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Wells Fargo & Company upped their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Friday, April 19th. Finally, Piper Sandler decreased their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday, April 23rd. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $326.11.

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $309.16, for a total value of $463,740.00. Following the transaction, the director now directly owns 51,683 shares of the company’s stock, valued at approximately $15,978,316.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $275,360.00. Following the transaction, the vice president now directly owns 67,144 shares in the company, valued at approximately $18,488,771.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $309.16, for a total transaction of $463,740.00. Following the completion of the transaction, the director now owns 51,683 shares in the company, valued at approximately $15,978,316.28. The disclosure for this sale can be found here. Insiders have sold a total of 173,066 shares of company stock worth $52,199,975 over the last 90 days. 0.62% of the stock is currently owned by insiders.

Cadence Design Systems Stock Up 1.0 %

Shares of NASDAQ:CDNS traded up $2.71 during midday trading on Thursday, reaching $285.28. The company’s stock had a trading volume of 1,001,204 shares, compared to its average volume of 1,560,060. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The firm has a 50 day moving average of $300.59 and a 200-day moving average of $283.21. The firm has a market capitalization of $77.63 billion, a P/E ratio of 74.29, a PEG ratio of 3.32 and a beta of 1.06. Cadence Design Systems, Inc. has a 12-month low of $198.92 and a 12-month high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter last year, the company earned $1.02 EPS. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current year.

Cadence Design Systems 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.