Thrivent Financial for Lutherans Cuts Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Thrivent Financial for Lutherans lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,778 shares of the software maker’s stock after selling 1,290 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Cadence Design Systems were worth $3,192,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Park National Corp OH lifted its stake in Cadence Design Systems by 19.8% during the second quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock worth $41,931,000 after purchasing an additional 22,537 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after buying an additional 310,250 shares during the last quarter. SG Americas Securities LLC grew its position in Cadence Design Systems by 88.4% during the second quarter. SG Americas Securities LLC now owns 54,022 shares of the software maker’s stock valued at $16,625,000 after acquiring an additional 25,347 shares during the last quarter. Teamwork Financial Advisors LLC raised its stake in shares of Cadence Design Systems by 19.4% during the third quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock worth $3,559,000 after acquiring an additional 2,136 shares in the last quarter. Finally, Vontobel Holding Ltd. lifted its holdings in shares of Cadence Design Systems by 5.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker’s stock worth $61,957,000 after acquiring an additional 11,568 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $312.39 on Tuesday. The company has a 50 day moving average of $279.36 and a 200 day moving average of $283.82. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The firm has a market cap of $85.68 billion, a P/E ratio of 81.99, a PEG ratio of 4.23 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the previous year, the business earned $1.01 earnings per share. The company’s revenue was up 18.8% on a year-over-year basis. As a group, research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on CDNS. Mizuho assumed coverage on shares of Cadence Design Systems in a report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 target price on the stock. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a report on Tuesday, August 6th. Wells Fargo & Company started coverage on Cadence Design Systems in a report on Friday. They set an “overweight” rating and a $350.00 target price for the company. Robert W. Baird lifted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, Berenberg Bank began coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $326.00.

Insider Activity

In other news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at $10,278,485.14. This trade represents a 20.55 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $413,970.00. Following the sale, the director now owns 43,551 shares of the company’s stock, valued at approximately $12,019,204.98. This trade represents a 3.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,634 shares of company stock valued at $4,217,635 in the last 90 days. 1.99% of the stock is currently owned by insiders.

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.