Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Gallacher Capital Management LLC

Gallacher Capital Management LLC lessened its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 42.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 716 shares of the software maker’s stock after selling 519 shares during the quarter. Gallacher Capital Management LLC’s holdings in Cadence Design Systems were worth $220,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CDNS. Vanguard Group Inc. raised its position in 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 last quarter. Jennison Associates LLC raised its position in shares of 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 last quarter. Norges Bank purchased a new stake in Cadence Design Systems in the 4th quarter valued at approximately $1,141,059,000. Van ECK Associates Corp grew its holdings in Cadence Design Systems by 10.5% during the 2nd quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock valued at $675,731,000 after buying an additional 209,301 shares during the last quarter. Finally, Nordea Investment Management AB increased its position in Cadence Design Systems by 7.7% during the first 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. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cadence Design Systems

In related news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction on 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 transaction, the vice president now owns 95,408 shares in the company, valued at approximately $29,179,582.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $307.75, for a total value of $184,650.00. Following the completion of the sale, the senior vice president now owns 19,280 shares of the company’s stock, valued at $5,933,420. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the transaction, the vice president now directly owns 95,408 shares in the company, valued at $29,179,582.72. The disclosure for this sale can be found here. Insiders sold 38,263 shares of company stock valued at $10,892,906 over the last 90 days. Corporate insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

CDNS has been the topic of several recent research reports. Needham & Company LLC restated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. KeyCorp upped their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. Finally, Robert W. Baird reduced their price objective on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $334.56.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $247.52 on Monday. The business’s fifty day moving average price is $279.11 and its 200 day moving average price is $292.93. Cadence Design Systems, Inc. has a twelve month low of $227.05 and a twelve month high of $328.99. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $67.43 billion, a P/E ratio of 64.46, a PEG ratio of 3.24 and a beta of 1.02.

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, beating the consensus estimate of $1.22 by $0.06. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company’s revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.94 EPS. As a group, research analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current 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.