ClariVest Asset Management LLC Reduces Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

ClariVest Asset Management LLC lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSGet Rating) by 4.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 158,477 shares of the software maker’s stock after selling 6,682 shares during the quarter. Cadence Design Systems comprises about 1.0% of ClariVest Asset Management LLC’s investment portfolio, making the stock its 18th biggest holding. ClariVest Asset Management LLC’s holdings in Cadence Design Systems were worth $23,777,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the stock. San Luis Wealth Advisors LLC bought a new position in shares of Cadence Design Systems in the 1st quarter worth approximately $28,000. SeaCrest Wealth Management LLC bought a new position in shares of Cadence Design Systems in the 2nd quarter worth approximately $29,000. MV Capital Management Inc. lifted its stake in shares of Cadence Design Systems by 74.1% in the 1st quarter. MV Capital Management Inc. now owns 188 shares of the software maker’s stock worth $31,000 after purchasing an additional 80 shares during the period. GHP Investment Advisors Inc. lifted its stake in shares of Cadence Design Systems by 252.9% in the 2nd quarter. GHP Investment Advisors Inc. now owns 247 shares of the software maker’s stock worth $37,000 after purchasing an additional 177 shares during the period. Finally, Zions Bancorporation N.A. lifted its stake in shares of Cadence Design Systems by 108.3% in the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock worth $37,000 after purchasing an additional 117 shares during the period. Hedge funds and other institutional investors own 84.02% of the company’s stock.

Cadence Design Systems Price Performance

Shares of CDNS stock traded up $2.31 on Thursday, reaching $167.51. The company’s stock had a trading volume of 721,524 shares, compared to its average volume of 1,814,068. The stock’s fifty day simple moving average is $158.58 and its 200-day simple moving average is $161.28. Cadence Design Systems, Inc. has a 1 year low of $132.32 and a 1 year high of $194.97. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $45.95 billion, a price-to-earnings ratio of 58.98, a price-to-earnings-growth ratio of 2.73 and a beta of 1.07.

Cadence Design Systems (NASDAQ:CDNSGet Rating) last posted its earnings results on Monday, October 24th. The software maker reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.10. Cadence Design Systems had a net margin of 22.86% and a return on equity of 33.19%. The firm had revenue of $902.55 million during the quarter, compared to analyst estimates of $868.85 million. During the same period last year, the firm posted $0.65 earnings per share. Cadence Design Systems’s revenue for the quarter was up 20.2% compared to the same quarter last year. Analysts forecast that Cadence Design Systems, Inc. will post 3.41 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, VP Aneel Zaman sold 1,409 shares of the firm’s stock in a transaction on Friday, August 26th. The shares were sold at an average price of $184.42, for a total value of $259,847.78. Following the completion of the transaction, the vice president now directly owns 92,284 shares of the company’s stock, valued at $17,019,015.28. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Cadence Design Systems news, VP Aneel Zaman sold 1,409 shares of Cadence Design Systems stock in a transaction on Friday, August 26th. The shares were sold at an average price of $184.42, for a total transaction of $259,847.78. Following the completion of the transaction, the vice president now directly owns 92,284 shares of the company’s stock, valued at $17,019,015.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lip Bu Tan sold 50,000 shares of Cadence Design Systems stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $162.87, for a total transaction of $8,143,500.00. Following the transaction, the insider now directly owns 602,589 shares of the company’s stock, valued at $98,143,670.43. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 241,889 shares of company stock valued at $39,137,833. 1.99% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Stifel Nicolaus reiterated a “hold” rating and issued a $200.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, October 26th. Wolfe Research started coverage on shares of Cadence Design Systems in a research note on Tuesday, August 16th. They set an “outperform” rating and a $210.00 target price on the stock. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Wednesday, November 16th. Deutsche Bank Aktiengesellschaft started coverage on shares of Cadence Design Systems in a research note on Wednesday, September 28th. They set a “buy” rating and a $200.00 target price on the stock. Finally, Rosenblatt Securities decreased their target price on shares of Cadence Design Systems from $185.00 to $175.00 and set a “buy” rating on the stock in a research note on Monday, October 24th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $192.75.

About Cadence Design Systems

(Get Rating)

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.

Featured Articles

Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems, Inc. (NASDAQ:CDNSGet Rating).

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.