Penserra Capital Management LLC Trims Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Penserra Capital Management LLC cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,704 shares of the software maker’s stock after selling 140 shares during the period. Penserra Capital Management LLC’s holdings in Cadence Design Systems were worth $3,983,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Jennison Associates LLC boosted its holdings in Cadence Design Systems by 2.7% in the 3rd quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker’s stock valued at $2,061,502,000 after purchasing an additional 198,230 shares during the period. Van ECK Associates Corp raised its position in shares of Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after buying an additional 572,251 shares in the last quarter. Legal & General Group Plc boosted its stake in Cadence Design Systems by 1.8% during the second quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker’s stock valued at $772,187,000 after buying an additional 43,654 shares during the period. Principal Financial Group Inc. grew its position in Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after buying an additional 501,833 shares in the last quarter. Finally, Swedbank AB increased its stake in Cadence Design Systems by 15.1% in the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock worth $475,336,000 after acquiring an additional 230,672 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Up 0.2 %

Shares of Cadence Design Systems stock opened at $312.39 on Tuesday. The company’s 50 day moving average price is $279.36 and its 200-day moving average price is $283.82. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The stock has a market capitalization of $85.68 billion, a price-to-earnings ratio of 81.99, a P/E/G ratio of 4.23 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.01 earnings per share. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Wall Street Analysts Forecast Growth

CDNS has been the subject of several recent analyst reports. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Needham & Company LLC decreased their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Oppenheimer initiated coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective on the stock. Robert W. Baird upped their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Finally, Wells Fargo & Company initiated coverage on Cadence Design Systems in a research report on Friday. They set an “overweight” rating and a $350.00 price target on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $326.00.

Insiders Place Their Bets

In related news, CFO John M. Wall sold 10,000 shares of the stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the transaction, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. This represents a 20.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $413,970.00. Following the sale, the director now directly owns 43,551 shares in the company, valued at approximately $12,019,204.98. The trade was a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,634 shares of company stock worth $4,217,635. 1.99% of the stock is currently owned by company insiders.

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.