Meeder Advisory Services Inc. Sells 359 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Meeder Advisory Services Inc. lessened its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,244 shares of the software maker’s stock after selling 359 shares during the period. Meeder Advisory Services Inc.’s holdings in Cadence Design Systems were worth $1,963,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Swedbank AB bought a new stake in Cadence Design Systems in the 1st quarter valued at $439,988,000. Principal Financial Group Inc. raised its holdings in shares of Cadence Design Systems by 280.1% in the second quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock valued at $467,676,000 after purchasing an additional 1,119,824 shares during the last quarter. Van ECK Associates Corp boosted its holdings in Cadence Design Systems by 26.1% during the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after purchasing an additional 572,251 shares during the last quarter. Meridiem Investment Management Ltd. acquired a new stake in Cadence Design Systems in the 3rd quarter valued at $129,285,000. Finally, 1832 Asset Management L.P. grew its holdings in shares of Cadence Design Systems by 111.5% in the 1st quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock valued at $266,583,000 after acquiring an additional 451,530 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

CDNS has been the subject of a number of analyst reports. Loop Capital started coverage on Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. Robert W. Baird upped their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Oppenheimer began coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target on the stock. Finally, Mizuho initiated coverage on shares of Cadence Design Systems in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.

Insider Activity

In other news, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the sale, the chief financial officer now owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. This represents a 20.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the sale, the vice president now owns 61,111 shares in the company, valued at $16,866,636. This represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 15,634 shares of company stock worth $4,217,635. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $294.33 on Tuesday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The firm has a market cap of $80.72 billion, a price-to-earnings ratio of 77.25, a P/E/G ratio of 3.93 and a beta of 1.02. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The firm’s 50-day simple moving average is $275.32 and its 200 day simple moving average is $283.00.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.01 earnings per share. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

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.