Everence Capital Management Inc. Sells 2,340 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Everence Capital Management Inc. trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 18.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,624 shares of the software maker's stock after selling 2,340 shares during the quarter. Everence Capital Management Inc.'s holdings in Cadence Design Systems were worth $3,192,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in CDNS. State Street Corp grew its position in Cadence Design Systems by 0.5% in the 3rd quarter. State Street Corp now owns 11,922,747 shares of the software maker's stock worth $3,231,422,000 after purchasing an additional 60,490 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Cadence Design Systems by 2.7% in the third quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker's stock valued at $2,061,502,000 after acquiring an additional 198,230 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Cadence Design Systems by 0.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker's stock valued at $1,081,098,000 after acquiring an additional 37,452 shares during the last quarter. Van ECK Associates Corp lifted 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 acquiring an additional 572,251 shares during the period. Finally, Legal & General Group Plc grew its stake in Cadence Design Systems by 1.8% in the 2nd quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker's stock valued at $772,187,000 after purchasing an additional 43,654 shares during the period. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Price Performance

NASDAQ CDNS traded up $6.20 during trading hours on Friday, hitting $303.86. The company had a trading volume of 1,148,825 shares, compared to its average volume of 1,147,962. 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 capitalization of $83.34 billion, a price-to-earnings ratio of 79.75, a PEG ratio of 4.19 and a beta of 1.04. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The firm has a 50 day simple moving average of $301.62 and a 200 day simple moving average of $286.34.

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 company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. Cadence Design Systems's revenue was up 18.8% compared to the same quarter last year. During the same period last year, the business earned $1.01 earnings per share. Equities research analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CDNS shares. Mizuho lifted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a research note on Friday, December 13th. Robert W. Baird boosted their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an "outperform" rating in a research note on Tuesday, October 29th. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a "buy" rating and a $320.00 price target for the company. Wells Fargo & Company assumed coverage on Cadence Design Systems in a research note on Friday, November 22nd. They issued an "overweight" rating and a $350.00 price objective on the stock. Finally, Rosenblatt Securities reissued a "neutral" rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $327.92.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the transaction, the vice president now directly owns 61,111 shares in the company, valued at approximately $16,866,636. The trade was a 1.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Wall sold 4,224 shares of the company's stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the transaction, the chief financial officer now owns 29,248 shares of the company's stock, valued at $9,038,509.44. The trade was a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,220 shares of company stock valued at $3,085,474. 1.99% of the stock is currently owned by company 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.