GLOBALT Investments LLC GA Lowers Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

GLOBALT Investments LLC GA reduced its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 39.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,775 shares of the software maker's stock after selling 7,712 shares during the period. GLOBALT Investments LLC GA's holdings in Cadence Design Systems were worth $3,191,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of CDNS. Quest Partners LLC raised its stake in shares of Cadence Design Systems by 47.7% in the third quarter. Quest Partners LLC now owns 3,242 shares of the software maker's stock worth $879,000 after buying an additional 1,047 shares during the period. Glass Wealth Management Co LLC boosted its holdings in shares of Cadence Design Systems by 8.8% in the 3rd quarter. Glass Wealth Management Co LLC now owns 865 shares of the software maker's stock worth $234,000 after purchasing an additional 70 shares during the period. Mechanics Financial Corp lifted its stake in shares of Cadence Design Systems by 3.1% during the 3rd quarter. Mechanics Financial Corp now owns 5,218 shares of the software maker's stock worth $1,414,000 after acquiring an additional 155 shares during the last quarter. Atlanta Consulting Group Advisors LLC bought a new stake in shares of Cadence Design Systems during the 3rd quarter worth approximately $236,000. Finally, Paragon Advisors LLC lifted its stake in shares of Cadence Design Systems by 0.6% during the 3rd quarter. Paragon Advisors LLC now owns 6,465 shares of the software maker's stock worth $1,752,000 after acquiring an additional 41 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

NASDAQ CDNS traded up $4.38 during trading hours on Monday, reaching $294.09. The company's stock had a trading volume of 553,108 shares, compared to its average volume of 1,769,401. The firm has a market capitalization of $80.66 billion, a price-to-earnings ratio of 76.04, a P/E/G ratio of 3.93 and a beta of 1.02. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The company's 50-day moving average is $274.49 and its two-hundred day moving average is $282.88.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results 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 during the quarter, compared to analysts' expectations 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 was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.01 earnings per share. On average, equities analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction 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 sale, the vice president now directly owns 64,544 shares in the company, valued at approximately $17,226,148.16. This trade represents a 1.00 % 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, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm's stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $413,970.00. Following the transaction, the director now directly owns 43,551 shares in the company, valued at approximately $12,019,204.98. The trade was a 3.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,634 shares of company stock worth $4,217,635 over the last ninety days. Corporate insiders own 1.99% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on CDNS shares. Needham & Company LLC decreased their price target on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating for the company in a research note on Tuesday, October 29th. Berenberg Bank initiated coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They issued a "buy" rating and a $320.00 price target for the company. Robert W. Baird boosted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 29th. Rosenblatt Securities reissued a "neutral" rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Finally, Loop Capital initiated coverage on Cadence Design Systems in a research report on Monday, November 11th. They issued a "buy" rating and a $360.00 price target for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Cadence Design Systems presently has an average rating of "Moderate Buy" and an average target price of $326.00.

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.