Ameritas Investment Partners Inc. Decreases Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ameritas Investment Partners Inc. trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.7% in the second quarter, Holdings Channel.com reports. The firm owned 10,755 shares of the software maker’s stock after selling 79 shares during the period. Ameritas Investment Partners Inc.’s holdings in Cadence Design Systems were worth $3,310,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CDNS. Blue Whale Capital LLP acquired a new stake in Cadence Design Systems during the 2nd quarter valued at approximately $31,904,000. Sei Investments Co. boosted its stake in shares of Cadence Design Systems by 4.9% during the 2nd quarter. Sei Investments Co. now owns 364,382 shares of the software maker’s stock valued at $112,141,000 after buying an additional 17,086 shares during the last quarter. AE Wealth Management LLC grew its position in shares of Cadence Design Systems by 2.4% during the second quarter. AE Wealth Management LLC now owns 7,110 shares of the software maker’s stock worth $2,188,000 after buying an additional 170 shares in the last quarter. King Luther Capital Management Corp increased its stake in shares of Cadence Design Systems by 271.9% in the second quarter. King Luther Capital Management Corp now owns 102,509 shares of the software maker’s stock worth $31,547,000 after buying an additional 74,943 shares during the last quarter. Finally, ASB Consultores LLC raised its holdings in Cadence Design Systems by 74.8% in the second quarter. ASB Consultores LLC now owns 1,778 shares of the software maker’s stock valued at $547,000 after acquiring an additional 761 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the completion of the transaction, the director now directly owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the sale, the director now directly owns 46,551 shares in the company, valued at $14,643,548.07. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the completion of the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $29,179,582.72. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 38,272 shares of company stock valued at $10,833,362. Insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on CDNS. KeyCorp raised their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Robert W. Baird decreased their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Needham & Company LLC restated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research report on Tuesday, August 6th. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $334.56.

Cadence Design Systems Price Performance

Shares of CDNS opened at $273.76 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. The company has a market cap of $74.58 billion, a P/E ratio of 71.29, a PEG ratio of 3.19 and a beta of 1.02. Cadence Design Systems, Inc. has a 12 month low of $227.05 and a 12 month high of $328.99. The stock has a fifty day moving average price of $269.55 and a 200 day moving average price of $290.36.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.94 EPS. On average, research analysts forecast that Cadence Design Systems, Inc. will post 4.73 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.