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

Dana Investment Advisors Inc. decreased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 15.6% during the second quarter, HoldingsChannel reports. The firm owned 32,628 shares of the software maker’s stock after selling 6,047 shares during the quarter. Dana Investment Advisors Inc.’s holdings in Cadence Design Systems were worth $10,041,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Empowered Funds LLC increased its position in shares of Cadence Design Systems by 223.8% in the 1st quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock valued at $2,858,000 after acquiring an additional 6,346 shares during the period. Norden Group LLC increased its holdings in shares of Cadence Design Systems by 1,659.3% in the first quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock valued at $4,140,000 after purchasing an additional 12,544 shares during the period. Pinebridge Investments L.P. increased its holdings in shares of Cadence Design Systems by 37.5% in the fourth quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock valued at $5,258,000 after purchasing an additional 5,269 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Cadence Design Systems by 58.1% in the first 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 during the last quarter. Finally, Park National Corp OH lifted its holdings in shares of 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 period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on CDNS shares. Oppenheimer started coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. KeyCorp boosted their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, August 6th. Finally, Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research note on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $323.60.

Cadence Design Systems Trading Down 1.1 %

Shares of Cadence Design Systems stock opened at $271.03 on Tuesday. Cadence Design Systems, Inc. has a fifty-two week low of $227.77 and a fifty-two week high of $328.99. 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 company has a market cap of $73.83 billion, a P/E ratio of 70.58, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. The firm has a 50-day simple moving average of $267.11 and a two-hundred day simple moving average of $288.67.

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

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the completion of the transaction, the director now directly owns 46,551 shares in the company, valued at $14,643,548.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $314.57, for a total transaction of $471,855.00. Following the completion of the sale, the director now directly owns 46,551 shares in the company, valued at approximately $14,643,548.07. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Karna Nisewaner sold 659 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $181,870.82. Following the completion of 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 quarter, insiders have sold 27,672 shares of company stock valued at $7,590,312. 1.99% of the stock is owned by company insiders.

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.