Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 7.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,454,916 shares of the software maker's stock after selling 718,034 shares during the period. Cadence Design Systems accounts for about 0.9% of Massachusetts Financial Services Co. MA's holdings, making the stock its 18th biggest position. Massachusetts Financial Services Co. MA owned approximately 3.47% of Cadence Design Systems worth $2,909,750,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Gilbert & Cook Inc. increased its stake in shares of Cadence Design Systems by 8.3% during the fourth quarter. Gilbert & Cook Inc. now owns 3,619 shares of the software maker's stock worth $986,000 after acquiring an additional 278 shares during the period. Avantax Advisory Services Inc. raised its stake in shares of Cadence Design Systems by 39.2% during the 4th quarter. Avantax Advisory Services Inc. now owns 2,048 shares of the software maker's stock worth $558,000 after buying an additional 577 shares in the last quarter. Norges Bank purchased a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $1,141,059,000. Dynamic Technology Lab Private Ltd acquired a new position in Cadence Design Systems during the fourth quarter worth $1,707,000. Finally, PNC Financial Services Group Inc. raised its position in Cadence Design Systems by 4.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 284,487 shares of the software maker's stock worth $77,486,000 after acquiring an additional 11,894 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Cadence Design Systems Trading Up 1.6 %

Shares of NASDAQ CDNS traded up $4.41 during midday trading on Monday, reaching $273.13. 1,325,155 shares of the stock were exchanged, compared to its average volume of 1,722,751. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $74.41 billion, a P/E ratio of 71.13, a P/E/G ratio of 3.19 and a beta of 1.02. The stock has a 50 day moving average price of $272.87 and a 200-day moving average price of $291.29. Cadence Design Systems, Inc. has a 52-week low of $227.05 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. Cadence Design Systems's revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.94 EPS. Equities research analysts expect that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares of the company's stock, valued at approximately $10,278,485.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $307.75, for a total value of $184,650.00. Following the completion of the sale, the senior vice president now owns 19,280 shares in the company, valued at $5,933,420. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO John M. Wall sold 10,000 shares of the firm'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 sale, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 36,113 shares of company stock valued at $10,237,521. 1.99% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several research analyst reports. Needham & Company LLC restated a "buy" rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Robert W. Baird dropped their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an "outperform" rating for the company in a report on Tuesday, July 23rd. Bank of America boosted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock a "buy" rating in a research note on Thursday, May 30th. Piper Sandler raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and set a $318.00 price objective for the company in a research note on Tuesday, August 6th. Finally, KeyCorp boosted their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an "overweight" rating in a research report on Thursday, June 27th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $334.56.

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.