Bank of New York Mellon Corp Sells 63,057 Shares of Cadence Design Systems, Inc. $CDNS

Bank of New York Mellon Corp lessened its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.5% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 1,713,990 shares of the software maker’s stock after selling 63,057 shares during the period. Bank of New York Mellon Corp owned approximately 0.63% of Cadence Design Systems worth $602,056,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Cadence Design Systems by 1.0% during the 2nd quarter. Vanguard Group Inc. now owns 26,595,861 shares of the software maker’s stock valued at $8,195,515,000 after purchasing an additional 256,719 shares in the last quarter. State Street Corp grew its holdings in shares of Cadence Design Systems by 1.4% during the second quarter. State Street Corp now owns 12,318,585 shares of the software maker’s stock valued at $3,795,972,000 after buying an additional 172,551 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of Cadence Design Systems by 3.0% during the second quarter. Jennison Associates LLC now owns 9,338,102 shares of the software maker’s stock valued at $2,877,536,000 after buying an additional 273,149 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Cadence Design Systems by 1.2% during the second quarter. Geode Capital Management LLC now owns 6,363,734 shares of the software maker’s stock worth $1,952,771,000 after acquiring an additional 77,478 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of Cadence Design Systems by 16.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,314,407 shares of the software maker’s stock worth $1,866,739,000 after acquiring an additional 731,788 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 Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $312.64, for a total value of $312,640.00. Following the transaction, the vice president directly owned 97,067 shares in the company, valued at $30,347,026.88. The trade was a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Scannell sold 5,490 shares of the stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $339.43, for a total transaction of $1,863,470.70. Following the transaction, the vice president directly owned 20,321 shares of the company’s stock, valued at $6,897,557.03. This represents a 21.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 62,025 shares of company stock valued at $20,369,946 in the last 90 days. 0.37% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CDNS has been the subject of a number of analyst reports. Rosenblatt Securities lifted their price target on Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a research note on Tuesday, October 28th. BNP Paribas Exane started coverage on Cadence Design Systems in a research report on Thursday, October 2nd. They set an “outperform” rating and a $400.00 target price on the stock. JPMorgan Chase & Co. upped their price target on Cadence Design Systems from $390.00 to $405.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. Citigroup started coverage on Cadence Design Systems in a research note on Monday, November 24th. They set a “buy” rating and a $385.00 price objective on the stock. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cadence Design Systems in a report on Monday, December 29th. Thirteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and an average price target of $379.59.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $320.49 on Thursday. The business’s fifty day simple moving average is $317.96 and its 200 day simple moving average is $333.28. The company has a current ratio of 3.05, a quick ratio of 2.84 and a debt-to-equity ratio of 0.48. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $376.45. The firm has a market capitalization of $87.24 billion, a P/E ratio of 82.60, a price-to-earnings-growth ratio of 3.55 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 27th. The software maker reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.79 by $0.14. The firm had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.32 billion. Cadence Design Systems had a return on equity of 30.13% and a net margin of 20.35%.The business’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.64 EPS. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.