Deltec Asset Management LLC Sells 1,000 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Deltec Asset Management LLC reduced its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 25.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,000 shares of the software maker’s stock after selling 1,000 shares during the quarter. Deltec Asset Management LLC’s holdings in Cadence Design Systems were worth $923,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Cadence Design Systems in the 4th quarter valued at about $1,141,059,000. Swedbank AB bought a new stake in shares of Cadence Design Systems during the first quarter worth about $439,988,000. BNP Paribas Financial Markets raised its holdings in shares of Cadence Design Systems by 58.1% in the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after acquiring an additional 468,195 shares during the last quarter. Jennison Associates LLC lifted its position in Cadence Design Systems by 6.9% in the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after acquiring an additional 459,603 shares in the last quarter. Finally, 1832 Asset Management L.P. boosted its stake in Cadence Design Systems by 111.5% during the 1st quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock valued at $266,583,000 after purchasing an additional 451,530 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the transaction, the vice president now owns 65,194 shares in the company, valued at $17,357,250.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the transaction, the vice president now owns 65,194 shares in the company, valued at $17,357,250.56. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $287.31, for a total transaction of $172,386.00. Following the completion of the sale, the senior vice president now owns 19,880 shares in the company, valued at approximately $5,711,722.80. The disclosure for this sale can be found here. Insiders have sold a total of 47,684 shares of company stock worth $14,288,863 in the last ninety days. 1.99% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on CDNS shares. Wells Fargo & Company raised their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, August 6th. Bank of America increased their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Finally, Robert W. Baird decreased their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $334.56.

Cadence Design Systems Stock Performance

Shares of CDNS stock traded up $0.37 during trading on Wednesday, reaching $271.78. 1,724,228 shares of the company’s stock traded hands, compared to its average volume of 1,728,458. The firm’s 50-day moving average is $293.71 and its 200 day moving average is $296.39. The company has a market capitalization of $74.04 billion, a P/E ratio of 70.68, a PEG ratio of 3.14 and a beta of 1.03. Cadence Design Systems, Inc. has a 1 year low of $217.77 and a 1 year high of $328.99. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period in the previous year, the company posted $0.94 EPS. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. Equities research analysts expect that Cadence Design Systems, Inc. will post 4.74 EPS for the current year.

About Cadence Design Systems

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.