Lighthouse Investment Partners LLC Has $769,000 Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Lighthouse Investment Partners LLC trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 58.3% in the second quarter, HoldingsChannel reports. The firm owned 2,500 shares of the software maker’s stock after selling 3,500 shares during the period. Lighthouse Investment Partners LLC’s holdings in Cadence Design Systems were worth $769,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Cadence Design Systems by 1.8% in 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 buying an additional 437,101 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Cadence Design Systems by 6.9% in the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after purchasing an additional 459,603 shares in the last quarter. Van ECK Associates Corp raised its position in 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 worth $675,731,000 after purchasing an additional 209,301 shares during the last quarter. Nordea Investment Management AB boosted its position in Cadence Design Systems by 7.7% in the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after buying an additional 145,351 shares during the last quarter. Finally, Swedbank AB increased its stake in shares of Cadence Design Systems by 7.8% in the 2nd quarter. Swedbank AB now owns 1,523,142 shares of the software maker’s stock valued at $468,747,000 after buying an additional 109,662 shares during the period. Institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

CDNS has been the topic of several recent research reports. Oppenheimer assumed coverage on Cadence Design Systems in a research report on Wednesday. They issued an “underperform” rating and a $225.00 price objective for the company. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research report on Tuesday, August 6th. Robert W. Baird cut their price objective 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. KeyCorp lifted their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $323.60.

Insider Buying and Selling

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction dated 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 sale, the chief financial officer now owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO John M. Wall sold 10,000 shares of the stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at $10,278,485.14. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred 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 sale, the vice president now owns 65,194 shares in the company, valued at approximately $17,357,250.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,272 shares of company stock valued at $10,833,362. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

CDNS stock opened at $274.13 on Friday. Cadence Design Systems, Inc. has a 1-year low of $227.77 and a 1-year high of $328.99. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The firm has a market cap of $74.68 billion, a PE ratio of 71.39, a P/E/G ratio of 3.30 and a beta of 1.02. The business’s 50-day moving average price is $267.43 and its two-hundred day moving average price is $289.04.

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

About Cadence Design Systems

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.