Pacer Advisors Inc. Decreases Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Pacer Advisors Inc. lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 39,579 shares of the software maker’s stock after selling 1,514 shares during the quarter. Pacer Advisors Inc.’s holdings in Cadence Design Systems were worth $10,727,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Capital Market Strategies LLC increased its position in shares of Cadence Design Systems by 3.1% in the 2nd quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after purchasing an additional 39 shares during the last quarter. Dudley Capital Management LLC increased its holdings in Cadence Design Systems by 4.3% in the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock valued at $257,000 after buying an additional 39 shares during the last quarter. Trust Point Inc. raised its stake in Cadence Design Systems by 2.9% in the third quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock valued at $379,000 after buying an additional 40 shares in the last quarter. Falcon Wealth Planning lifted its holdings in Cadence Design Systems by 5.1% during the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock worth $222,000 after buying an additional 40 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC boosted its position in shares of Cadence Design Systems by 0.7% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after acquiring an additional 40 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $311.87 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. The business has a 50 day simple moving average of $278.58 and a 200-day simple moving average of $283.62. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The stock has a market capitalization of $85.53 billion, a PE ratio of 81.86, a price-to-earnings-growth ratio of 4.16 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.01 EPS. Equities analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the sale, the director now owns 42,051 shares of the company’s stock, valued at approximately $11,928,186.66. This trade represents a 3.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total transaction of $173,478.50. Following the transaction, the vice president now directly owns 64,544 shares in the company, valued at approximately $17,226,148.16. This trade represents a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,634 shares of company stock worth $4,217,635 over the last 90 days. Company insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the subject of several recent analyst reports. Oppenheimer began coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a report on Tuesday, August 6th. Mizuho started coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target on the stock. Robert W. Baird upped their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Finally, Berenberg Bank assumed coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $326.00.

Cadence Design Systems Company 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.