Covea Finance Sells 2,054 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Covea Finance decreased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 43,598 shares of the software maker’s stock after selling 2,054 shares during the quarter. Covea Finance’s holdings in Cadence Design Systems were worth $11,816,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in CDNS. RiverPark Advisors LLC bought a new stake in Cadence Design Systems during the 1st quarter valued at 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 acquiring an additional 82 shares during the period. Annapolis Financial Services LLC bought a new stake in shares of Cadence Design Systems in the 1st quarter worth approximately $32,000. 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 acquiring an additional 102 shares during the period. Finally, Rise Advisors LLC bought a new stake in shares of Cadence Design Systems in the 1st quarter worth approximately $45,000. Institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CDNS shares. KeyCorp raised their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Oppenheimer assumed coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company. Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Monday, October 7th. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Finally, Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $323.60.

Cadence Design Systems Stock Up 0.6 %

Shares of Cadence Design Systems stock traded up $1.75 during trading on Friday, reaching $282.39. The stock had a trading volume of 1,386,289 shares, compared to its average volume of 1,702,460. The company has a market capitalization of $76.93 billion, a price-to-earnings ratio of 73.54, a P/E/G ratio of 3.37 and a beta of 1.02. The stock has a fifty day moving average price of $268.79 and a two-hundred day moving average price of $286.40. Cadence Design Systems, Inc. has a 52 week low of $228.66 and a 52 week 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 announced its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.94 earnings per share. Sell-side analysts predict that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the completion of the sale, the director now directly owns 46,551 shares in the company, valued at $14,643,548.07. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total value of $2,763,600.00. Following the completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at $26,366,954.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the sale, the director now owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,347 shares of company stock worth $7,774,637. 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.