Meritage Portfolio Management Cuts Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Meritage Portfolio Management lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 48.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,502 shares of the software maker's stock after selling 39,654 shares during the period. Meritage Portfolio Management's holdings in Cadence Design Systems were worth $11,248,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Swedbank AB purchased a new position in shares of Cadence Design Systems during the first quarter worth $439,988,000. Principal Financial Group Inc. lifted its holdings in shares of Cadence Design Systems by 280.1% in the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker's stock valued at $467,676,000 after buying an additional 1,119,824 shares during the period. Van ECK Associates Corp boosted its stake in shares of Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker's stock worth $689,472,000 after buying an additional 572,251 shares during the last quarter. Meridiem Investment Management Ltd. acquired a new stake in Cadence Design Systems during the third quarter worth about $129,285,000. Finally, 1832 Asset Management L.P. lifted its holdings in Cadence Design Systems by 111.5% in the first 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 during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Down 0.2 %

Shares of CDNS traded down $0.47 during trading on Friday, reaching $301.25. 1,242,846 shares of the company traded hands, compared to its average volume of 2,526,059. The stock has a 50-day simple moving average of $270.09 and a 200-day simple moving average of $282.10. The stock has a market cap of $82.62 billion, a PE ratio of 79.07, a price-to-earnings-growth ratio of 3.63 and a beta of 1.02. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

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

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $276.00, for a total value of $179,400.00. Following the transaction, the vice president now owns 61,111 shares of the company's stock, valued at $16,866,636. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other 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 owns 61,111 shares in the company, valued at approximately $16,866,636. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO John M. Wall sold 10,000 shares of the business's stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the sale, the chief financial officer now directly owns 38,654 shares of the company's stock, valued at $10,278,485.14. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,347 shares of company stock worth $7,734,616 in the last 90 days. Corporate insiders own 1.99% of the company's stock.

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of analyst reports. Rosenblatt Securities reaffirmed a "neutral" rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. 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 note on Tuesday, August 6th. Berenberg Bank initiated coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a "buy" rating and a $320.00 target price on the stock. Needham & Company LLC cut their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating for the company in a report on Tuesday, October 29th. Finally, Oppenheimer began coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They issued an "underperform" rating and a $225.00 target price on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $323.17.

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.