Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Massmutual Trust Co. FSB ADV

Massmutual Trust Co. FSB ADV decreased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,810 shares of the software maker’s stock after selling 1,377 shares during the quarter. Massmutual Trust Co. FSB ADV’s holdings in Cadence Design Systems were worth $5,481,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Parkside Financial Bank & Trust raised its position in shares of Cadence Design Systems by 8.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock valued at $140,000 after acquiring an additional 38 shares in the last quarter. Highview Capital Management LLC DE raised its stake in shares of Cadence Design Systems by 0.8% during the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock worth $1,411,000 after purchasing an additional 39 shares in the last quarter. Fiduciary Trust Co raised its stake in shares of Cadence Design Systems by 0.6% during the 4th quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock worth $1,833,000 after purchasing an additional 39 shares in the last quarter. Capital Market Strategies LLC increased its holdings in shares of Cadence Design Systems by 3.1% during the 2nd quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after acquiring an additional 39 shares during the last quarter. Finally, GraniteShares Advisors LLC increased its holdings in shares of Cadence Design Systems by 1.2% during the 1st quarter. GraniteShares Advisors LLC now owns 3,468 shares of the software maker’s stock valued at $1,080,000 after acquiring an additional 40 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the transaction, the vice president now owns 95,408 shares in the company, valued at approximately $28,379,109.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $295.00, for a total value of $191,750.00. Following the sale, the vice president now owns 66,494 shares of the company’s stock, valued at approximately $19,615,730. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at approximately $28,379,109.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 48,534 shares of company stock worth $14,546,517. Company insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CDNS shares. Wells Fargo & Company raised their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Bank of America upped their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. KeyCorp upped their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday, April 22nd. Finally, Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $334.56.

Cadence Design Systems Price Performance

Shares of CDNS stock traded down $2.79 during trading hours on Monday, reaching $246.84. The company’s stock had a trading volume of 4,284,426 shares, compared to its average volume of 1,695,399. The firm’s 50 day simple moving average is $297.63 and its 200-day simple moving average is $297.84. The company has a market capitalization of $67.59 billion, a price-to-earnings ratio of 63.99, a PEG ratio of 3.14 and a beta of 1.03. Cadence Design Systems, Inc. has a fifty-two week low of $217.77 and a fifty-two week high of $328.99. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations 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 was up 8.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.94 EPS. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current year.

Cadence Design Systems Company Profile

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.