The Manufacturers Life Insurance Company Has $217.78 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

The Manufacturers Life Insurance Company cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 30.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 707,654 shares of the software maker’s stock after selling 316,299 shares during the period. The Manufacturers Life Insurance Company owned 0.26% of Cadence Design Systems worth $217,781,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Swedbank AB acquired a new stake in Cadence Design Systems during the 1st quarter worth $439,988,000. Principal Financial Group Inc. boosted its position in shares of Cadence Design Systems by 280.1% in the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after purchasing an additional 1,119,824 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of Cadence Design Systems by 58.1% during the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after purchasing an additional 468,195 shares during the period. Jennison Associates LLC grew 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 buying an additional 459,603 shares during the period. Finally, 1832 Asset Management L.P. increased its stake in shares of Cadence Design Systems by 111.5% in the 1st quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock valued at $266,583,000 after acquiring an additional 451,530 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Stock Up 0.9 %

Cadence Design Systems stock opened at $274.23 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’s 50-day moving average is $267.62 and its 200-day moving average is $289.52. The firm has a market capitalization of $74.71 billion, a PE ratio of 71.41, a P/E/G ratio of 3.30 and a beta of 1.02. Cadence Design Systems, Inc. has a fifty-two week low of $227.77 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results 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 firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.94 earnings per share. Sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Analyst Ratings Changes

CDNS has been the topic of several analyst reports. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Robert W. Baird dropped their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Bank of America boosted their price objective on shares of 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, KeyCorp increased their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $323.60.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $314.57, for a total value of $471,855.00. Following the transaction, the director now directly owns 46,551 shares in the company, valued at $14,643,548.07. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, VP Chin-Chi Teng sold 10,000 shares of the firm’s 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 transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s 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 completion of the sale, the director now directly owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The disclosure for this sale can be found here. In the last quarter, insiders have sold 38,272 shares of company stock worth $10,833,362. Company insiders own 1.99% of the company’s stock.

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.