STF Management LP Reduces Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

STF Management LP decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 3,920 shares of the software maker’s stock after selling 411 shares during the quarter. STF Management LP’s holdings in Cadence Design Systems were worth $1,062,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in CDNS. Missouri Trust & Investment Co purchased a new position in shares of Cadence Design Systems during the third quarter worth about $27,000. ORG Partners LLC grew its holdings in shares of Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after buying an additional 82 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of Cadence Design Systems during the third quarter worth about $28,000. Chilton Capital Management LLC grew its holdings in shares of Cadence Design Systems by 244.0% during the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after buying an additional 122 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its holdings in shares of Cadence Design Systems by 30.3% during the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after buying an additional 47 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In other news, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the sale, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The trade was a 20.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the sale, the vice president now directly owns 61,111 shares of the company’s stock, valued at $16,866,636. This represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 15,634 shares of company stock valued at $4,217,635. Company insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on CDNS shares. Mizuho started coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target on the stock. Berenberg Bank started coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research report on Friday. They set an “overweight” rating and a $350.00 price target for the company. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Finally, Oppenheimer started coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $326.00.

Cadence Design Systems Trading Up 0.8 %

Shares of Cadence Design Systems stock opened at $306.39 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The company has a market capitalization of $84.03 billion, a P/E ratio of 80.42, a P/E/G ratio of 4.07 and a beta of 1.02. The business has a 50 day moving average price of $277.72 and a 200 day moving average price of $283.44.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.01 EPS. Sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal 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.