Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. decreased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 14.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 408,655 shares of the software maker's stock after selling 68,204 shares during the quarter. Victory Capital Management Inc. owned about 0.15% of Cadence Design Systems worth $110,758,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Aptus Capital Advisors LLC increased its position in shares of Cadence Design Systems by 6.5% during the 3rd quarter. Aptus Capital Advisors LLC now owns 3,497 shares of the software maker's stock worth $948,000 after purchasing an additional 212 shares during the last quarter. Missouri Trust & Investment Co purchased a new position in Cadence Design Systems during the third quarter worth about $27,000. Cumberland Partners Ltd increased its position in shares of Cadence Design Systems by 0.6% during the third quarter. Cumberland Partners Ltd now owns 29,053 shares of the software maker's stock valued at $7,874,000 after acquiring an additional 177 shares during the last quarter. Aigen Investment Management LP purchased a new stake in shares of Cadence Design Systems in the 3rd quarter valued at approximately $410,000. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker's stock worth $258,136,000 after acquiring an additional 310,250 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Up 2.9 %

NASDAQ:CDNS traded up $8.70 during trading hours on Wednesday, hitting $306.47. The company's stock had a trading volume of 2,149,289 shares, compared to its average volume of 1,776,488. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $84.05 billion, a P/E ratio of 80.46, a price-to-earnings-growth ratio of 3.64 and a beta of 1.02. The stock has a fifty day moving average of $271.56 and a 200-day moving average of $282.41.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts' consensus estimates of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business's revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.01 EPS. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on CDNS. Needham & Company LLC cut their target price on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating on the stock in a research report on Tuesday, October 29th. Loop Capital initiated coverage on Cadence Design Systems in a report on Monday. They issued a "buy" rating and a $360.00 price objective on the stock. Oppenheimer initiated coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They set an "underperform" rating and a $225.00 target price on the stock. Piper Sandler raised 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, Robert W. Baird increased their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 29th. One investment 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's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $326.00.

Insiders Place Their Bets

In related news, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total value of $2,763,600.00. Following the transaction, the vice president now directly owns 95,408 shares of the company's stock, valued at $26,366,954.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, VP Chin-Chi Teng sold 10,000 shares of the company's stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.36, for a total value of $2,763,600.00. Following the completion of the sale, the vice president now directly owns 95,408 shares of the company's stock, valued at $26,366,954.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, September 3rd. The stock was 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 approximately $17,226,148.16. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,347 shares of company stock valued at $7,734,616. 1.99% of the stock is owned by corporate insiders.

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.