Financial Counselors Inc. Sells 1,808 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Financial Counselors Inc. cut its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 59.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,212 shares of the software maker’s stock after selling 1,808 shares during the period. Financial Counselors Inc.’s holdings in Cadence Design Systems were worth $373,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after acquiring an additional 437,101 shares during the period. Jennison Associates LLC increased its holdings in Cadence Design Systems by 6.9% during the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after purchasing an additional 459,603 shares during the period. Norges Bank bought a new stake in Cadence Design Systems during the 4th quarter valued at $1,141,059,000. Van ECK Associates Corp lifted its holdings in shares of Cadence Design Systems by 10.5% in the 2nd quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock worth $675,731,000 after buying an additional 209,301 shares during the period. Finally, Nordea Investment Management AB grew its position in shares of Cadence Design Systems by 7.7% during the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock worth $636,172,000 after buying an additional 145,351 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Down 0.8 %

Shares of NASDAQ:CDNS opened at $254.13 on Thursday. The business’s 50-day moving average is $281.46 and its 200 day moving average is $293.50. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. Cadence Design Systems, Inc. has a 1 year low of $227.05 and a 1 year high of $328.99. The firm has a market capitalization of $69.23 billion, a P/E ratio of 66.18, a P/E/G ratio of 3.24 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.06. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate 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 in the prior year, the company posted $0.94 earnings per share. On average, research analysts predict that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Insider Transactions at Cadence Design Systems

In related news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $29,179,582.72. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $295.00, for a total value of $191,750.00. Following the sale, the vice president now directly owns 66,494 shares of the company’s stock, valued at approximately $19,615,730. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,613 shares of company stock worth $10,719,427. Company insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Robert W. Baird lowered their price objective on shares of 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. 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, August 6th. KeyCorp boosted their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Bank of America increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus price target of $334.56.

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.