Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Highland Capital Management LLC

Highland Capital Management LLC reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.7% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 8,209 shares of the software maker’s stock after selling 317 shares during the period. Highland Capital Management LLC’s holdings in Cadence Design Systems were worth $2,225,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Empowered Funds LLC raised its position in Cadence Design Systems by 223.8% during the first quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock valued at $2,858,000 after acquiring an additional 6,346 shares in the last quarter. Norden Group LLC increased its holdings in shares of Cadence Design Systems by 1,659.3% during the 1st quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock valued at $4,140,000 after purchasing an additional 12,544 shares in the last quarter. BNP Paribas Financial Markets lifted its stake 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 valued at $396,470,000 after purchasing an additional 468,195 shares during the period. Park National Corp OH grew its position in Cadence Design Systems by 19.8% during the second quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock valued at $41,931,000 after buying an additional 22,537 shares during the period. Finally, Teamwork Financial Advisors LLC increased its holdings in Cadence Design Systems by 40.0% in the first quarter. Teamwork Financial Advisors LLC now owns 35,151 shares of the software maker’s stock valued at $10,942,000 after buying an additional 10,037 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Mizuho began coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 target price on the stock. Berenberg Bank started coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective on the stock. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, October 7th. Oppenheimer started coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target on the stock. Finally, Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $323.42.

Cadence Design Systems Stock Up 2.4 %

Shares of NASDAQ CDNS opened at $257.30 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The company has a 50-day moving average of $267.42 and a 200 day moving average of $282.69. Cadence Design Systems, Inc. has a 12-month low of $228.66 and a 12-month high of $328.99. The stock has a market cap of $70.45 billion, a PE ratio of 66.49, a P/E/G ratio of 3.03 and a beta of 1.02.

Insider Activity

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.24, for a total transaction of $414,360.00. Following the transaction, the director now owns 45,051 shares of the company’s stock, valued at approximately $12,444,888.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 value of $173,056.00. Following the transaction, the vice president now directly owns 65,194 shares in the company, valued at approximately $17,357,250.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $276.24, for a total value of $414,360.00. Following the completion of the transaction, the director now owns 45,051 shares of the company’s stock, valued at $12,444,888.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,347 shares of company stock worth $7,728,272 over the last ninety days. Corporate insiders own 1.99% of the company’s stock.

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.