Exchange Traded Concepts LLC Sells 19,119 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Exchange Traded Concepts LLC trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 28.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,687 shares of the software maker’s stock after selling 19,119 shares during the period. Exchange Traded Concepts LLC’s holdings in Cadence Design Systems were worth $14,628,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Public Sector Pension Investment Board boosted its stake in shares of Cadence Design Systems by 72.4% in the second quarter. Public Sector Pension Investment Board now owns 10,398 shares of the software maker’s stock worth $3,200,000 after acquiring an additional 4,366 shares during the period. Insigneo Advisory Services LLC bought a new position in Cadence Design Systems in the 2nd quarter worth approximately $518,000. Alpha DNA Investment Management LLC boosted its stake in Cadence Design Systems by 29.1% in the 2nd quarter. Alpha DNA Investment Management LLC now owns 1,535 shares of the software maker’s stock worth $472,000 after purchasing an additional 346 shares during the period. APG Asset Management US Inc. grew its holdings in Cadence Design Systems by 2.2% during the 2nd quarter. APG Asset Management US Inc. now owns 84,992 shares of the software maker’s stock valued at $26,426,000 after buying an additional 1,806 shares in the last quarter. Finally, APG Asset Management N.V. raised its position in shares of Cadence Design Systems by 61.7% during the second quarter. APG Asset Management N.V. now owns 337,358 shares of the software maker’s stock valued at $96,871,000 after buying an additional 128,769 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Down 0.5 %

CDNS opened at $322.97 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The stock’s 50 day moving average price is $305.09 and its 200-day moving average price is $285.05. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The stock has a market cap of $88.58 billion, a price-to-earnings ratio of 84.85, a P/E/G ratio of 3.70 and a beta of 1.04.

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

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total value of $199,023.50. Following the completion of the sale, the vice president now directly owns 60,461 shares in the company, valued at approximately $18,512,553.59. This represents a 1.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Paul Scannell sold 3,171 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the transaction, the vice president now owns 14,318 shares in the company, valued at approximately $4,378,158.04. This represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock worth $33,528,267 in the last 90 days. 1.99% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Wells Fargo & Company began coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price for the company. Needham & Company LLC reduced their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Loop Capital initiated coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price objective for the company. Finally, Berenberg Bank assumed coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $329.50.

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.