Valeo Financial Advisors LLC Reduces Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Valeo Financial Advisors LLC lessened its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,166 shares of the software maker’s stock after selling 159 shares during the quarter. Valeo Financial Advisors LLC’s holdings in Cadence Design Systems were worth $587,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Empowered Funds LLC lifted its stake in shares of Cadence Design Systems by 223.8% in the 1st quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock valued at $2,858,000 after purchasing an additional 6,346 shares during the last quarter. Norden Group LLC boosted its stake in Cadence Design Systems by 1,659.3% during the first quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock worth $4,140,000 after buying an additional 12,544 shares during the period. BNP Paribas Financial Markets increased its position 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 valued at $396,470,000 after acquiring an additional 468,195 shares during the last quarter. Park National Corp OH raised its stake in shares of Cadence Design Systems by 19.8% in the 2nd quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock valued at $41,931,000 after acquiring an additional 22,537 shares during the period. Finally, Teamwork Financial Advisors LLC lifted its holdings in shares of Cadence Design Systems by 40.0% in the 1st quarter. Teamwork Financial Advisors LLC now owns 35,151 shares of the software maker’s stock worth $10,942,000 after acquiring an additional 10,037 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CDNS. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. KeyCorp boosted their price objective on 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 issued a $280.00 target price on shares of Cadence Design Systems in a research report on Monday, October 7th. Robert W. Baird reduced their price target on shares of 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. Finally, Oppenheimer initiated coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average price target of $323.60.

Cadence Design Systems Stock Up 0.6 %

Shares of Cadence Design Systems stock opened at $282.39 on Monday. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a 52-week low of $228.66 and a 52-week high of $328.99. The company has a market capitalization of $76.93 billion, a P/E ratio of 73.54, a P/E/G ratio of 3.37 and a beta of 1.02. The company has a 50 day moving average of $268.79 and a 200 day moving average of $286.02.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the previous year, the firm posted $0.94 earnings per share. The company’s revenue was up 8.6% compared to the same quarter last year. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal year.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the sale, the vice president now owns 65,194 shares in the company, valued at $17,357,250.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $413,970.00. Following the transaction, the director now directly owns 43,551 shares of the company’s stock, valued at $12,019,204.98. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the sale, the vice president now directly owns 65,194 shares of the company’s stock, valued at approximately $17,357,250.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,847 shares of company stock worth $7,302,782. 1.99% of the stock is currently owned by insiders.

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.