Beck Bode LLC Decreases Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Beck Bode LLC lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 65.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,306 shares of the software maker’s stock after selling 2,472 shares during the period. Beck Bode LLC’s holdings in Cadence Design Systems were worth $402,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Blair William & Co. IL increased its holdings in shares of Cadence Design Systems by 1.7% during the 2nd quarter. Blair William & Co. IL now owns 5,195 shares of the software maker’s stock worth $1,599,000 after buying an additional 87 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its holdings in Cadence Design Systems by 13.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 35,288 shares of the software maker’s stock valued at $10,602,000 after purchasing an additional 4,249 shares during the last quarter. Tredje AP fonden increased its holdings in Cadence Design Systems by 155.3% in the 2nd quarter. Tredje AP fonden now owns 20,715 shares of the software maker’s stock valued at $6,375,000 after purchasing an additional 12,600 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its holdings in Cadence Design Systems by 5.0% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,400 shares of the software maker’s stock valued at $1,354,000 after purchasing an additional 208 shares during the last quarter. Finally, Argent Trust Co increased its holdings in Cadence Design Systems by 4.2% in the 2nd quarter. Argent Trust Co now owns 3,643 shares of the software maker’s stock valued at $1,121,000 after purchasing an additional 146 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In related news, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $305.84, for a total value of $3,058,400.00. Following the completion of the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $307.75, for a total value of $184,650.00. Following the completion of the sale, the senior vice president now directly owns 19,280 shares of the company’s stock, valued at $5,933,420. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the completion of the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The disclosure for this sale can be found here. In the last three months, insiders sold 36,113 shares of company stock valued at $10,237,521. Insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. KeyCorp lifted their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, August 6th. Robert W. Baird dropped their price target on shares of 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. 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 note on Thursday, May 30th. Finally, Needham & Company LLC restated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $334.56.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $274.79 on Wednesday. The stock has a market cap of $74.86 billion, a P/E ratio of 71.56, a price-to-earnings-growth ratio of 3.19 and a beta of 1.02. The company has a fifty day simple moving average of $272.06 and a 200-day simple moving average of $291.01. Cadence Design Systems, Inc. has a 12-month low of $227.05 and a 12-month 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 released its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.94 EPS. Equities analysts expect that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal year.

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.