Cadence Design Systems, Inc. $CDNS Shares Bought by ProShare Advisors LLC

ProShare Advisors LLC boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 325,627 shares of the software maker’s stock after purchasing an additional 18,452 shares during the period. ProShare Advisors LLC owned about 0.12% of Cadence Design Systems worth $107,517,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. George Kaiser Family Foundation bought a new position in shares of Cadence Design Systems in the 2nd quarter worth $725,000. Vega Investment Solutions purchased a new stake in shares of Cadence Design Systems during the 2nd quarter valued at approximately $1,957,000. MassMutual Private Wealth & Trust FSB increased its holdings in Cadence Design Systems by 65.7% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 26,160 shares of the software maker’s stock valued at $8,638,000 after purchasing an additional 10,376 shares during the last quarter. Park National Corp OH increased its position in shares of Cadence Design Systems by 186.9% during the third quarter. Park National Corp OH now owns 372,703 shares of the software maker’s stock worth $123,063,000 after acquiring an additional 242,816 shares during the period. Finally, Osmosis Investment Management UK Ltd purchased a new stake in Cadence Design Systems during the 2nd quarter worth about $5,238,000. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Trading Down 4.3%

NASDAQ CDNS opened at $327.89 on Friday. The firm has a market capitalization of $89.97 billion, a PE ratio of 65.19, a price-to-earnings-growth ratio of 3.11 and a beta of 1.13. Cadence Design Systems, Inc. has a 12 month low of $262.75 and a 12 month high of $416.69. The business’s 50-day moving average price is $320.53 and its two-hundred day moving average price is $327.27. The company has a current ratio of 1.36, a quick ratio of 1.53 and a debt-to-equity ratio of 0.29.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, beating the consensus estimate of $2.05 by $0.06. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the prior year, the business earned $1.93 earnings per share. Cadence Design Systems’s revenue for the quarter was up 22.0% on a year-over-year basis. On average, analysts expect that Cadence Design Systems, Inc. will post 6.71 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $324.13, for a total value of $648,260.00. Following the completion of the sale, the vice president directly owned 119,612 shares of the company’s stock, valued at $38,769,837.56. This trade represents a 1.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $285.51, for a total value of $51,391.80. Following the sale, the director owned 7,824 shares of the company’s stock, valued at approximately $2,233,830.24. The trade was a 2.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 8,960 shares of company stock worth $2,834,139 over the last quarter. 0.49% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on CDNS shares. The Goldman Sachs Group upped their price target on Cadence Design Systems from $410.00 to $470.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $420.00 price target (up from $400.00) on shares of Cadence Design Systems in a research note on Wednesday, October 7th. Weiss Ratings upgraded Cadence Design Systems from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 22nd. Mizuho set a $400.00 price target on Cadence Design Systems in a research report on Tuesday. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $420.00 target price on shares of Cadence Design Systems in a research note on Friday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $410.05.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc develops computational software, hardware, and semiconductor intellectual property used to design and verify electronic systems and integrated circuits. Its electronic design automation (EDA) solutions support chip development across areas such as digital and custom IC design, functional verification, emulation, prototyping, and system analysis.

The company also provides semiconductor IP, including processor cores, interconnect technologies, memory interfaces, and other building blocks that help customers develop complex chips.