American Century Companies Inc. Has $404.85 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

American Century Companies Inc. cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.6% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 1,315,516 shares of the software maker’s stock after selling 172,645 shares during the quarter. American Century Companies Inc.’s holdings in Cadence Design Systems were worth $404,850,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Ulland Investment Advisors LLC acquired a new position in shares of Cadence Design Systems in the 1st quarter worth approximately $25,000. RiverPark Advisors LLC acquired a new position in shares of Cadence Design Systems in the 1st quarter worth approximately $26,000. ORG Partners LLC lifted its position in shares of Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after purchasing an additional 82 shares during the period. Annapolis Financial Services LLC acquired a new position in shares of Cadence Design Systems in the 1st quarter worth approximately $32,000. Finally, Hollencrest Capital Management lifted its position in shares of Cadence Design Systems by 637.5% in the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after purchasing an additional 102 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CDNS shares. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Robert W. Baird lowered their price objective on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. KeyCorp lifted their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research note on Tuesday, August 6th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $334.56.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the completion of the sale, the vice president now owns 64,544 shares in the company, valued at approximately $17,226,148.16. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the transaction, the vice president now directly owns 64,544 shares of the company’s stock, valued at approximately $17,226,148.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the completion of the transaction, the vice president now directly owns 95,408 shares in the company, valued at $29,179,582.72. The disclosure for this sale can be found here. Insiders sold a total of 37,613 shares of company stock worth $10,701,156 in the last quarter. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $264.72 on Thursday. The firm has a market capitalization of $72.12 billion, a PE ratio of 68.94, a price-to-earnings-growth ratio of 2.98 and a beta of 1.02. The firm has a fifty day simple moving average of $275.72 and a two-hundred day simple moving average of $292.03. 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, Inc. has a 12 month low of $227.05 and a 12 month high of $328.99.

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, topping the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the prior year, the business posted $0.94 EPS. The business’s revenue was up 8.6% compared to the same quarter last year. Analysts forecast that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal 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.