Geneva Capital Management LLC Sells 1,508 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Geneva Capital Management LLC cut its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 76,962 shares of the software maker’s stock after selling 1,508 shares during the quarter. Geneva Capital Management LLC’s holdings in Cadence Design Systems were worth $23,957,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Csenge Advisory Group increased its holdings in shares of Cadence Design Systems by 3.8% during the 1st quarter. Csenge Advisory Group now owns 3,137 shares of the software maker’s stock worth $976,000 after acquiring an additional 116 shares during the last quarter. Signaturefd LLC increased its holdings in shares of Cadence Design Systems by 4.3% in the first quarter. Signaturefd LLC now owns 11,020 shares of the software maker’s stock valued at $3,430,000 after purchasing an additional 459 shares during the last quarter. Catalina Capital Group LLC bought a new position in shares of Cadence Design Systems in the first quarter valued at about $309,000. TFB Advisors LLC acquired a new stake in shares of Cadence Design Systems during the 1st quarter worth about $330,000. Finally, Mediolanum International Funds Ltd bought a new stake in shares of Cadence Design Systems during the 1st quarter worth about $6,774,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded down $5.73 during trading on Thursday, hitting $314.07. 1,368,603 shares of the company were exchanged, compared to its average volume of 1,535,019. Cadence Design Systems, Inc. has a 1-year low of $217.77 and a 1-year high of $328.99. The company has a market capitalization of $85.56 billion, a P/E ratio of 81.79, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The business’s 50 day moving average is $300.41 and its 200-day moving average is $296.24.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.02 EPS. Equities analysts forecast that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $307.75, for a total value of $184,650.00. Following the completion of the sale, the senior vice president now directly owns 19,280 shares in the company, valued at $5,933,420. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $307.75, for a total value of $184,650.00. Following the sale, the senior vice president now directly owns 19,280 shares in the company, valued at $5,933,420. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $275,360.00. Following the transaction, the vice president now owns 67,144 shares of the company’s stock, valued at approximately $18,488,771.84. The disclosure for this sale can be found here. Insiders have sold 50,134 shares of company stock valued at $14,978,483 in the last ninety days. 0.62% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CDNS. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday, April 22nd. KeyCorp upped their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Robert W. Baird lifted their target price on Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a report on Tuesday, July 2nd. Bank of America increased their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $318.00 price target on shares of Cadence Design Systems in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $334.89.

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.