Sequoia Financial Advisors LLC Trims Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sequoia Financial Advisors LLC lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.6% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,538 shares of the software maker’s stock after selling 96 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Cadence Design Systems were worth $959,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of CDNS. Dock Street Asset Management Inc. grew its stake in Cadence Design Systems by 1.2% in the 3rd quarter. Dock Street Asset Management Inc. now owns 71,898 shares of the software maker’s stock valued at $19,487,000 after acquiring an additional 869 shares during the last quarter. Kessler Investment Group LLC lifted its position in Cadence Design Systems by 18.4% during the third quarter. Kessler Investment Group LLC now owns 10,514 shares of the software maker’s stock valued at $2,850,000 after buying an additional 1,637 shares in the last quarter. Venture Visionary Partners LLC lifted its position in Cadence Design Systems by 2.5% during the third quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock valued at $463,000 after buying an additional 41 shares in the last quarter. Bedrijfstakpensioenfonds Voor DE Media PNO lifted its position in shares of Cadence Design Systems by 36.4% during the third quarter. Bedrijfstakpensioenfonds Voor DE Media PNO now owns 52,500 shares of the software maker’s stock worth $14,229,000 after purchasing an additional 14,000 shares in the last quarter. Finally, Corundum Group Inc. acquired a new position in shares of Cadence Design Systems during the third quarter worth $216,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on CDNS shares. Mizuho started coverage on shares of Cadence Design Systems in a research note on Tuesday. They issued an “outperform” rating and a $325.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Robert W. Baird lowered their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. Oppenheimer assumed coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $323.42.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00. Following the sale, the vice president now owns 65,194 shares in the company, valued at $17,357,250.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the completion of the transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $26,366,954.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated 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 transaction, the vice president now directly owns 65,194 shares of the company’s stock, valued at $17,357,250.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,347 shares of company stock worth $7,728,272. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Up 2.4 %

Shares of Cadence Design Systems stock opened at $257.30 on Friday. The company’s fifty day simple moving average is $267.89 and its 200-day simple moving average is $283.26. The company has a market cap of $70.09 billion, a price-to-earnings ratio of 67.07, a PEG ratio of 3.37 and a beta of 1.02. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a 1 year low of $228.66 and a 1 year high of $328.99.

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.