BNP Paribas Financial Markets Sells 131,370 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

BNP Paribas Financial Markets trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 959,673 shares of the software maker’s stock after selling 131,370 shares during the period. BNP Paribas Financial Markets owned approximately 0.35% of Cadence Design Systems worth $260,100,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of CDNS. Mount Yale Investment Advisors LLC bought a new stake in Cadence Design Systems during the first quarter valued at about $318,000. Silvercrest Asset Management Group LLC boosted its holdings in Cadence Design Systems by 25.8% during the first quarter. Silvercrest Asset Management Group LLC now owns 14,817 shares of the software maker’s stock valued at $4,612,000 after acquiring an additional 3,038 shares during the period. B. Riley Wealth Advisors Inc. boosted its holdings in Cadence Design Systems by 26.9% during the first quarter. B. Riley Wealth Advisors Inc. now owns 5,479 shares of the software maker’s stock valued at $1,706,000 after acquiring an additional 1,160 shares during the period. Tidal Investments LLC boosted its holdings in Cadence Design Systems by 31.4% during the first quarter. Tidal Investments LLC now owns 21,505 shares of the software maker’s stock valued at $6,694,000 after acquiring an additional 5,145 shares during the period. Finally, iA Global Asset Management Inc. boosted its holdings in Cadence Design Systems by 9.5% during the first quarter. iA Global Asset Management Inc. now owns 52,842 shares of the software maker’s stock valued at $16,449,000 after acquiring an additional 4,594 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Trading Up 0.2 %

Shares of NASDAQ CDNS traded up $0.52 during midday trading on Tuesday, reaching $312.39. 1,944,440 shares of the stock were exchanged, compared to its average volume of 1,768,525. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The business has a 50-day simple moving average of $279.36 and a two-hundred day simple moving average of $283.82. The company 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 issued its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.20. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates 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 was up 18.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.01 EPS. As a group, equities research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on CDNS. Robert W. Baird increased their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Needham & Company LLC reduced their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Loop Capital began coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 target price for the company. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research note on Friday. They issued an “overweight” rating and a $350.00 target price for the company. Finally, Oppenheimer began coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average target price of $326.00.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, SVP Karna Nisewaner sold 659 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $181,870.82. Following the completion of the sale, the senior vice president now owns 16,029 shares of the company’s stock, valued at $4,423,683.42. The trade was a 3.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 transaction of $173,478.50. Following the completion of the sale, the vice president now directly owns 64,544 shares of the company’s stock, valued at $17,226,148.16. This represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,634 shares of company stock worth $4,217,635 in the last ninety days. Insiders own 1.99% of the company’s stock.

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.