Canada Pension Plan Investment Board Sells 18,411 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Canada Pension Plan Investment Board lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 82.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,910 shares of the software maker’s stock after selling 18,411 shares during the period. Canada Pension Plan Investment Board’s holdings in Cadence Design Systems were worth $917,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Redhawk Wealth Advisors Inc. lifted its stake in Cadence Design Systems by 0.4% in the second quarter. Redhawk Wealth Advisors Inc. now owns 11,461 shares of the software maker’s stock valued at $2,688,000 after purchasing an additional 47 shares during the last quarter. Nilsine Partners LLC lifted its position in shares of Cadence Design Systems by 2.7% during the second quarter. Nilsine Partners LLC now owns 1,769 shares of the software maker’s stock worth $415,000 after acquiring an additional 47 shares in the last quarter. Raleigh Capital Management Inc. lifted its position in shares of Cadence Design Systems by 15.2% during the second quarter. Raleigh Capital Management Inc. now owns 371 shares of the software maker’s stock worth $87,000 after acquiring an additional 49 shares in the last quarter. AllSquare Wealth Management LLC lifted its position in shares of Cadence Design Systems by 40.9% during the second quarter. AllSquare Wealth Management LLC now owns 179 shares of the software maker’s stock worth $42,000 after acquiring an additional 52 shares in the last quarter. Finally, Marshall Financial Group LLC lifted its position in shares of Cadence Design Systems by 1.4% during the second quarter. Marshall Financial Group LLC now owns 4,630 shares of the software maker’s stock worth $1,086,000 after acquiring an additional 65 shares in the last quarter. Institutional investors own 83.95% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Mark Adams sold 400 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $240.80, for a total value of $96,320.00. Following the completion of the sale, the director now owns 11,007 shares in the company, valued at $2,650,485.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cadence Design Systems news, Director Mark Adams sold 400 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $240.80, for a total value of $96,320.00. Following the completion of the sale, the director now owns 11,007 shares in the company, valued at $2,650,485.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 1,523 shares of the business’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $233.97, for a total value of $356,336.31. Following the transaction, the chief executive officer now owns 144,944 shares in the company, valued at approximately $33,912,547.68. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,279 shares of company stock worth $5,049,575. 1.99% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Needham & Company LLC restated a “buy” rating and set a $268.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 24th. Rosenblatt Securities increased their target price on Cadence Design Systems from $250.00 to $265.00 and gave the stock a “buy” rating in a research report on Thursday, October 19th. KeyCorp increased their price objective on Cadence Design Systems from $270.00 to $290.00 and gave the stock an “overweight” rating in a research report on Thursday, September 14th. Robert W. Baird increased their price objective on Cadence Design Systems from $253.00 to $257.00 in a research report on Tuesday, July 25th. Finally, StockNews.com assumed coverage on Cadence Design Systems in a research report on Thursday, October 5th. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $264.50.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $270.25 on Tuesday. The stock has a market capitalization of $73.52 billion, a price-to-earnings ratio of 76.99, a price-to-earnings-growth ratio of 3.31 and a beta of 1.04. The company has a fifty day moving average of $244.24 and a 200-day moving average of $234.26. Cadence Design Systems, Inc. has a 52-week low of $154.88 and a 52-week high of $274.32. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.31 and a current ratio of 1.44.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 23rd. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.06. Cadence Design Systems had a return on equity of 34.64% and a net margin of 24.42%. The firm had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period last year, the firm earned $0.79 earnings per share. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. Equities research analysts expect that Cadence Design Systems, Inc. will post 4.13 EPS 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.