Robeco Institutional Asset Management B.V. Lowers Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Robeco Institutional Asset Management B.V. lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 53.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 318,938 shares of the software maker’s stock after selling 366,134 shares during the quarter. Robeco Institutional Asset Management B.V.’s holdings in Cadence Design Systems were worth $86,442,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Van ECK Associates Corp raised its position in shares of Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after buying an additional 572,251 shares during the period. Harbor Capital Advisors Inc. raised its holdings in shares of Cadence Design Systems by 5.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 14,164 shares of the software maker’s stock worth $3,839,000 after purchasing an additional 669 shares during the period. Janney Montgomery Scott LLC lifted its stake in shares of Cadence Design Systems by 8.1% in the 3rd quarter. Janney Montgomery Scott LLC now owns 82,544 shares of the software maker’s stock valued at $22,372,000 after purchasing an additional 6,202 shares in the last quarter. Realta Investment Advisors grew its holdings in shares of Cadence Design Systems by 18.6% during the 3rd quarter. Realta Investment Advisors now owns 2,407 shares of the software maker’s stock worth $679,000 after purchasing an additional 377 shares during the period. Finally, Farther Finance Advisors LLC increased its position in Cadence Design Systems by 11.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,724 shares of the software maker’s stock worth $739,000 after purchasing an additional 280 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.24, for a total transaction of $414,360.00. Following the sale, the director now owns 45,051 shares in the company, valued at $12,444,888.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.36, for a total value of $2,763,600.00. Following the completion of the transaction, the vice president now owns 95,408 shares in the company, valued at approximately $26,366,954.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.24, for a total value of $414,360.00. Following the transaction, the director now owns 45,051 shares of the company’s stock, valued at $12,444,888.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,697 shares of company stock valued at $7,555,216. Company insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the subject of several research reports. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a research report on Tuesday, August 6th. Robert W. Baird upped their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Berenberg Bank began coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. Finally, Mizuho assumed coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $323.17.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $289.34 on Tuesday. The firm has a market cap of $79.36 billion, a PE ratio of 75.94, a price-to-earnings-growth ratio of 3.38 and a beta of 1.02. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The firm’s 50-day simple moving average is $267.60 and its 200-day simple moving average is $281.67. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.32 and a current ratio of 2.45.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the firm earned $1.01 EPS. The business’s revenue was up 18.8% on a year-over-year basis. Equities analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Cadence Design Systems 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.