ABN Amro Investment Solutions Decreases Stock Position in Cadence Design Systems, Inc. $CDNS

ABN Amro Investment Solutions cut its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 20.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,060 shares of the software maker’s stock after selling 7,038 shares during the period. ABN Amro Investment Solutions’ holdings in Cadence Design Systems were worth $9,856,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Cadence Design Systems during the 2nd quarter worth $1,190,618,000. Massachusetts Financial Services Co. MA lifted its stake in shares of Cadence Design Systems by 16.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,314,407 shares of the software maker’s stock worth $1,866,739,000 after buying an additional 731,788 shares in the last quarter. Voya Investment Management LLC boosted its position in Cadence Design Systems by 914.2% during the third quarter. Voya Investment Management LLC now owns 691,071 shares of the software maker’s stock worth $242,746,000 after acquiring an additional 622,934 shares during the last quarter. Scge Management L.P. acquired a new stake in Cadence Design Systems in the 2nd quarter valued at about $187,663,000. Finally, Bain Capital Public Equity Management II LLC acquired a new stake in Cadence Design Systems in the 2nd quarter valued at about $130,534,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Up 3.9%

Shares of CDNS opened at $299.46 on Friday. The company’s 50-day moving average price is $311.67 and its 200 day moving average price is $330.15. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $376.45. The company has a current ratio of 3.05, a quick ratio of 2.84 and a debt-to-equity ratio of 0.48. The firm has a market cap of $81.51 billion, a P/E ratio of 77.18, a price-to-earnings-growth ratio of 3.33 and a beta of 1.01.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Needham & Company LLC restated a “buy” rating and issued a $390.00 price target on shares of Cadence Design Systems in a research report on Monday, December 22nd. Citigroup assumed coverage on Cadence Design Systems in a report on Monday, November 24th. They issued a “buy” rating and a $385.00 target price for the company. JPMorgan Chase & Co. raised their target price on Cadence Design Systems from $390.00 to $405.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 28th. Robert W. Baird lifted their price target on Cadence Design Systems from $390.00 to $418.00 and gave the stock an “outperform” rating in a report on Tuesday, October 28th. Finally, KeyCorp reissued an “overweight” rating and issued a $405.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 28th. Thirteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus target price of $379.59.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $295.09, for a total value of $295,090.00. Following the completion of the sale, the vice president owned 95,137 shares in the company, valued at approximately $28,073,977.33. This trade represents a 1.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Scannell sold 5,490 shares of the company’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $339.43, for a total value of $1,863,470.70. Following the transaction, the vice president owned 20,321 shares in the company, valued at $6,897,557.03. This trade represents a 21.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 56,475 shares of company stock worth $18,505,486. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.