Cypress Capital Group Cuts Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cypress Capital Group cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,711 shares of the software maker’s stock after selling 378 shares during the period. Cypress Capital Group’s holdings in Cadence Design Systems were worth $1,142,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Ulland Investment Advisors LLC purchased a new position in Cadence Design Systems in the first quarter worth $25,000. RiverPark Advisors LLC acquired a new position in Cadence Design Systems during the 1st quarter valued at approximately $26,000. ORG Partners LLC boosted its position in Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after acquiring an additional 82 shares during the period. Annapolis Financial Services LLC acquired a new stake in shares of Cadence Design Systems in the first quarter valued at $32,000. Finally, Union Savings Bank acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth $33,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total value of $9,573,130.80. Following the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at $28,379,109.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at $28,379,109.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Karna Nisewaner sold 1,213 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $279.49, for a total value of $339,021.37. Following the sale, the senior vice president now owns 17,617 shares of the company’s stock, valued at $4,923,775.33. The disclosure for this sale can be found here. Insiders have sold a total of 60,397 shares of company stock worth $17,805,844 over the last three months. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CDNS shares. Needham & Company LLC reissued a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Bank of America raised their target price on 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 lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Robert W. Baird decreased their price objective on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Finally, Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a report on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $334.56.

Cadence Design Systems Trading Down 0.6 %

Shares of Cadence Design Systems stock traded down $1.68 during trading on Friday, reaching $273.90. 1,153,360 shares of the company were exchanged, compared to its average volume of 1,711,494. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a twelve month low of $227.05 and a twelve month high of $328.99. The business has a 50-day moving average price of $290.02 and a 200-day moving average price of $295.52. The firm has a market capitalization of $74.62 billion, a price-to-earnings ratio of 71.33, a P/E/G ratio of 3.14 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results 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 firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the previous year, the firm earned $0.94 earnings per share. The company’s revenue was up 8.6% on a year-over-year basis. Sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.74 EPS for the current fiscal year.

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.