Contravisory Investment Management Inc. Sells 23,183 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Contravisory Investment Management Inc. lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 85.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,087 shares of the software maker’s stock after selling 23,183 shares during the period. Contravisory Investment Management Inc.’s holdings in Cadence Design Systems were worth $1,108,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Empowered Funds LLC boosted its position in Cadence Design Systems by 223.8% during the 1st quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock valued at $2,858,000 after buying an additional 6,346 shares during the period. Norden Group LLC boosted its holdings in shares of Cadence Design Systems by 1,659.3% during the first quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock worth $4,140,000 after purchasing an additional 12,544 shares during the period. BNP Paribas Financial Markets grew its stake in shares of Cadence Design Systems by 58.1% in the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after purchasing an additional 468,195 shares during the last quarter. Park National Corp OH increased its holdings in Cadence Design Systems by 19.8% during the 2nd quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock valued at $41,931,000 after purchasing an additional 22,537 shares during the period. Finally, Teamwork Financial Advisors LLC raised its position in Cadence Design Systems by 40.0% during the 1st quarter. Teamwork Financial Advisors LLC now owns 35,151 shares of the software maker’s stock valued at $10,942,000 after purchasing an additional 10,037 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CDNS shares. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research report on Tuesday, August 6th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Monday. KeyCorp upped their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Finally, Robert W. Baird lowered their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $323.60.

Insider Transactions at Cadence Design Systems

In other news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was 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 in the company, valued at $10,278,485.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the sale, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Karna Nisewaner sold 1,213 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $279.49, for a total value of $339,021.37. Following the sale, the senior vice president now directly owns 17,617 shares in the company, valued at approximately $4,923,775.33. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,347 shares of company stock worth $7,774,637 over the last three months. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $280.64 on Friday. Cadence Design Systems, Inc. has a twelve month low of $228.66 and a twelve month high of $328.99. The stock has a market capitalization of $76.84 billion, a price-to-earnings ratio of 72.52, a P/E/G ratio of 3.37 and a beta of 1.02. The stock has a fifty day simple moving average of $267.73 and a two-hundred day simple moving average of $286.68. 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 released its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates 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 for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.94 EPS. On average, analysts predict that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal year.

Cadence Design Systems 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.