Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Smithfield Trust Co

Smithfield Trust Co trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 25.1% in the third quarter, Holdings Channel.com reports. The institutional investor owned 1,572 shares of the software maker’s stock after selling 527 shares during the quarter. Smithfield Trust Co’s holdings in Cadence Design Systems were worth $426,000 as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. Capital International Inc. CA boosted its holdings in Cadence Design Systems by 24.1% during the first quarter. Capital International Inc. CA now owns 5,694 shares of the software maker’s stock worth $1,772,000 after buying an additional 1,104 shares in the last quarter. Guardian Capital LP grew its stake in shares of Cadence Design Systems by 86.3% in the first quarter. Guardian Capital LP now owns 1,874 shares of the software maker’s stock valued at $583,000 after buying an additional 868 shares in the last quarter. LRI Investments LLC purchased a new stake in Cadence Design Systems during the 1st quarter worth $387,000. Hood River Capital Management LLC raised its position in shares of Cadence Design Systems by 124.1% in the 1st quarter. Hood River Capital Management LLC now owns 45,156 shares of the software maker’s stock valued at $14,056,000 after purchasing an additional 25,007 shares in the last quarter. Finally, London & Capital Asset Management Ltd increased its holdings in Cadence Design Systems by 1.8% in the first quarter. London & Capital Asset Management Ltd now owns 84,971 shares of the software maker’s stock valued at $26,450,000 after buying an additional 1,501 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cadence Design Systems

In other news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the sale, the chief financial officer now directly owns 38,654 shares in the company, valued at $10,278,485.14. This trade represents a 20.55 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total transaction of $425,490.00. Following the completion of the sale, the director now owns 42,051 shares of the company’s stock, valued at $11,928,186.66. This trade represents a 3.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,634 shares of company stock worth $4,217,635. 1.99% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CDNS. Needham & Company LLC lowered their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Loop Capital began coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 price objective for the company. Robert W. Baird upped their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Berenberg Bank started coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $326.00.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $306.39 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The stock has a 50 day moving average price of $277.72 and a two-hundred day moving average price of $283.44. The company has a market capitalization of $84.03 billion, a P/E ratio of 80.42, a PEG ratio of 4.07 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the firm earned $1.01 EPS. Cadence Design Systems’s quarterly revenue was up 18.8% compared to the same quarter last year. Analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

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.