State Street Corp Sells 231,698 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

State Street Corp reduced its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSGet Rating) by 2.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,555,924 shares of the software maker’s stock after selling 231,698 shares during the quarter. State Street Corp owned approximately 4.19% of Cadence Design Systems worth $1,900,487,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. BlackRock Inc. boosted its stake in Cadence Design Systems by 6.0% during the first quarter. BlackRock Inc. now owns 33,427,221 shares of the software maker’s stock valued at $5,497,441,000 after buying an additional 1,906,590 shares during the period. Vanguard Group Inc. lifted its stake in Cadence Design Systems by 1.3% during the first quarter. Vanguard Group Inc. now owns 31,767,905 shares of the software maker’s stock worth $5,224,549,000 after purchasing an additional 394,861 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Cadence Design Systems by 1.5% during the first quarter. Massachusetts Financial Services Co. MA now owns 19,652,441 shares of the software maker’s stock worth $3,232,042,000 after purchasing an additional 291,152 shares during the last quarter. Geode Capital Management LLC lifted its stake in Cadence Design Systems by 3.6% during the fourth quarter. Geode Capital Management LLC now owns 5,343,591 shares of the software maker’s stock worth $993,732,000 after purchasing an additional 188,050 shares during the last quarter. Finally, Brown Advisory Inc. lifted its stake in Cadence Design Systems by 2.7% during the first quarter. Brown Advisory Inc. now owns 3,175,689 shares of the software maker’s stock worth $523,229,000 after purchasing an additional 84,561 shares during the last quarter. 84.02% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on CDNS. Rosenblatt Securities boosted their target price on Cadence Design Systems from $170.00 to $185.00 and gave the company a “buy” rating in a research note on Tuesday, July 26th. Needham & Company LLC boosted their target price on Cadence Design Systems from $193.00 to $200.00 and gave the company a “buy” rating in a research note on Tuesday, July 26th. Stifel Nicolaus began coverage on Cadence Design Systems in a research note on Wednesday, September 7th. They issued a “hold” rating and a $200.00 target price for the company. Wolfe Research began coverage on Cadence Design Systems in a research note on Tuesday, August 16th. They issued an “outperform” rating and a $210.00 target price for the company. Finally, Bank of America upgraded Cadence Design Systems from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $160.00 to $175.00 in a report on Wednesday, June 29th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $191.92.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $174.68 on Monday. The business’s fifty day moving average price is $173.86 and its 200-day moving average price is $159.65. The stock has a market capitalization of $47.84 billion, a price-to-earnings ratio of 62.61, a PEG ratio of 2.98 and a beta of 1.17. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.59 and a quick ratio of 1.49. Cadence Design Systems, Inc. has a 1-year low of $132.32 and a 1-year high of $194.97.

Cadence Design Systems (NASDAQ:CDNSGet Rating) last released its quarterly earnings results on Monday, July 25th. The software maker reported $1.08 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.12. The firm had revenue of $858.00 million for the quarter, compared to analysts’ expectations of $835.01 million. Cadence Design Systems had a return on equity of 32.06% and a net margin of 23.61%. The company’s revenue was up 17.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.71 EPS. On average, equities analysts predict that Cadence Design Systems, Inc. will post 3.31 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 250 shares of the firm’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $148.24, for a total value of $37,060.00. Following the transaction, the vice president now directly owns 96,764 shares of the company’s stock, valued at approximately $14,344,295.36. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Cadence Design Systems news, VP Paul Cunningham sold 250 shares of the stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $148.24, for a total value of $37,060.00. Following the completion of the sale, the vice president now owns 96,764 shares in the company, valued at approximately $14,344,295.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Lip Bu Tan sold 50,000 shares of the stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $192.42, for a total value of $9,621,000.00. Following the completion of the sale, the insider now owns 608,023 shares of the company’s stock, valued at approximately $116,995,785.66. The disclosure for this sale can be found here. In the last three months, insiders have sold 362,728 shares of company stock valued at $62,046,124. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Profile

(Get Rating)

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.

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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