Glenmede Trust Co. NA Sells 630 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Glenmede Trust Co. NA lessened its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,354 shares of the software maker’s stock after selling 630 shares during the quarter. Glenmede Trust Co. NA’s holdings in Cadence Design Systems were worth $2,535,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Jennison Associates LLC lifted its position in Cadence Design Systems by 2.7% during the 3rd quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker’s stock valued at $2,061,502,000 after purchasing an additional 198,230 shares during the period. Van ECK Associates Corp lifted its holdings in Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after buying an additional 572,251 shares during the period. Legal & General Group Plc boosted its stake in Cadence Design Systems by 1.8% in the second quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker’s stock valued at $772,187,000 after acquiring an additional 43,654 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after acquiring an additional 501,833 shares during the period. Finally, Swedbank AB raised its position in shares of Cadence Design Systems by 15.1% during the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after acquiring an additional 230,672 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the subject of a number of analyst reports. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research note on Tuesday, August 6th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Mizuho initiated coverage on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target on the stock. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective for the company. Finally, Oppenheimer initiated coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $326.00.

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $413,970.00. Following the sale, the director now owns 43,551 shares of the company’s stock, valued at approximately $12,019,204.98. The trade was a 3.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the transaction, the vice president now directly owns 64,544 shares of the company’s stock, valued at $17,226,148.16. This trade represents a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,634 shares of company stock worth $1,558,535 over the last ninety days. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $306.81 on Friday. The company has a fifty day moving average price of $281.92 and a 200 day moving average price of $284.43. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The firm has a market cap of $84.15 billion, a PE ratio of 80.53, a PEG ratio of 4.14 and a beta of 1.02. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share 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 analysts’ expectations of $1.18 billion. During the same period in the prior year, the firm earned $1.01 earnings per share. Cadence Design Systems’s revenue for the quarter was up 18.8% compared to the same quarter last year. Research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal 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.