Ithaka Group LLC Sells 220 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ithaka Group LLC lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 31,632 shares of the software maker’s stock after selling 220 shares during the period. Cadence Design Systems comprises approximately 1.8% of Ithaka Group LLC’s holdings, making the stock its 24th largest position. Ithaka Group LLC’s holdings in Cadence Design Systems were worth $9,735,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of CDNS. Abound Wealth Management lifted its holdings in Cadence Design Systems by 808.9% in the 2nd quarter. Abound Wealth Management now owns 509 shares of the software maker’s stock worth $157,000 after purchasing an additional 453 shares in the last quarter. Walter Public Investments Inc. bought a new stake in shares of Cadence Design Systems during the second quarter valued at approximately $11,207,000. Brown Brothers Harriman & Co. lifted its holdings in shares of Cadence Design Systems by 72.5% in the second quarter. Brown Brothers Harriman & Co. now owns 2,856 shares of the software maker’s stock worth $879,000 after buying an additional 1,200 shares in the last quarter. Rathbones Group PLC boosted its position in shares of Cadence Design Systems by 15.1% during the second quarter. Rathbones Group PLC now owns 253,162 shares of the software maker’s stock worth $77,911,000 after acquiring an additional 33,177 shares during the last quarter. Finally, Plato Investment Management Ltd grew its stake in Cadence Design Systems by 0.7% during the second quarter. Plato Investment Management Ltd now owns 7,594 shares of the software maker’s stock valued at $2,337,000 after acquiring an additional 54 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Needham & Company LLC reissued a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, August 6th. KeyCorp lifted their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. 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. Finally, Bank of America boosted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $334.56.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $268.72 on Monday. The firm has a market capitalization of $73.58 billion, a PE ratio of 69.98, a price-to-earnings-growth ratio of 3.19 and a beta of 1.02. Cadence Design Systems, Inc. has a 12-month low of $227.05 and a 12-month high of $328.99. The firm has a 50-day moving average price of $273.76 and a 200-day moving average price of $291.51. 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 earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the previous year, the business earned $0.94 earnings per share. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the company’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 in the company, valued at $17,226,148.16. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Cadence Design Systems 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 completion of the sale, the vice president now directly owns 64,544 shares of the company’s stock, valued at approximately $17,226,148.16. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Chin-Chi Teng sold 10,000 shares of the company’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 owns 95,408 shares in the company, valued at $29,179,582.72. The disclosure for this sale can be found here. Insiders have sold a total of 36,113 shares of company stock worth $10,237,521 over the last quarter. Company 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.