Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Pacer Advisors Inc.

Pacer Advisors Inc. reduced its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.6% during the second quarter, Holdings Channel reports. The firm owned 41,093 shares of the software maker’s stock after selling 660 shares during the period. Pacer Advisors Inc.’s holdings in Cadence Design Systems were worth $12,646,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CDNS. Swedbank AB bought a new stake in shares of Cadence Design Systems in the 1st quarter worth approximately $439,988,000. Principal Financial Group Inc. raised its holdings in shares of Cadence Design Systems by 280.1% in the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after purchasing an additional 1,119,824 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Cadence Design Systems by 58.1% in the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after purchasing an additional 468,195 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of 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 worth $2,205,582,000 after purchasing an additional 459,603 shares in the last quarter. Finally, 1832 Asset Management L.P. raised its holdings in shares of Cadence Design Systems by 111.5% in the 1st quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock worth $266,583,000 after purchasing an additional 451,530 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Activity

In other news, SVP Karna Nisewaner sold 659 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $181,870.82. Following the transaction, the senior vice president now owns 16,029 shares in the company, valued at approximately $4,423,683.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the transaction, the vice president now owns 95,408 shares in the company, valued at approximately $29,179,582.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Karna Nisewaner sold 659 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $181,870.82. Following the transaction, the senior vice president now owns 16,029 shares in the company, valued at approximately $4,423,683.42. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,272 shares of company stock worth $10,833,362. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Down 2.4 %

Cadence Design Systems stock opened at $273.76 on Monday. The firm has a market cap of $74.58 billion, a PE ratio of 71.29, a P/E/G ratio of 3.19 and a beta of 1.02. 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’s 50 day moving average price is $269.55 and its two-hundred day moving average price is $290.20. Cadence Design Systems, Inc. has a twelve month low of $227.05 and a twelve month high of $328.99.

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

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CDNS. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, August 6th. Bank of America boosted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. KeyCorp boosted their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Robert W. Baird cut their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Finally, Needham & Company LLC restated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $334.56.

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.