Cadence Design Systems, Inc. $CDNS Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 18.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 353,500 shares of the software maker’s stock after selling 77,571 shares during the quarter. ProShare Advisors LLC owned 0.13% of Cadence Design Systems worth $124,170,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Brighton Jones LLC grew its holdings in shares of Cadence Design Systems by 80.2% in the 4th quarter. Brighton Jones LLC now owns 1,519 shares of the software maker’s stock worth $456,000 after acquiring an additional 676 shares during the period. Integrated Wealth Concepts LLC boosted its position in Cadence Design Systems by 3.8% during the first quarter. Integrated Wealth Concepts LLC now owns 2,203 shares of the software maker’s stock worth $560,000 after purchasing an additional 80 shares in the last quarter. Blair William & Co. IL grew its holdings in Cadence Design Systems by 12.6% in the second quarter. Blair William & Co. IL now owns 4,512 shares of the software maker’s stock valued at $1,390,000 after purchasing an additional 506 shares during the last quarter. Blue Trust Inc. increased its position in shares of Cadence Design Systems by 39.0% in the second quarter. Blue Trust Inc. now owns 638 shares of the software maker’s stock valued at $197,000 after buying an additional 179 shares in the last quarter. Finally, Concurrent Investment Advisors LLC raised its stake in shares of Cadence Design Systems by 26.1% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 1,408 shares of the software maker’s stock worth $434,000 after buying an additional 291 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Oppenheimer raised shares of Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price objective on the stock in a research note on Monday, December 1st. Needham & Company LLC reissued a “buy” rating and set a $390.00 price objective on shares of Cadence Design Systems in a research note on Monday, December 22nd. Weiss Ratings restated a “hold (c)” rating on shares of Cadence Design Systems in a research report on Monday, December 29th. KeyCorp reissued an “overweight” rating and issued a $405.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 28th. Finally, JPMorgan Chase & Co. upped their price objective on Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. Thirteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $379.59.

Cadence Design Systems Price Performance

CDNS stock opened at $291.00 on Tuesday. The stock has a market capitalization of $79.21 billion, a price-to-earnings ratio of 75.00, a price-to-earnings-growth ratio of 3.15 and a beta of 1.01. The company has a quick ratio of 2.84, a current ratio of 3.05 and a debt-to-equity ratio of 0.48. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $376.45. The stock’s fifty day simple moving average is $314.52 and its 200-day simple moving average is $331.39.

Insider Buying and Selling

In other news, CFO John M. Wall sold 27,805 shares of the company’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $318.57, for a total transaction of $8,857,838.85. Following the completion of the transaction, the chief financial officer owned 69,957 shares of the company’s stock, valued at $22,286,201.49. This represents a 28.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Anirudh Devgan sold 20,000 shares of the stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $340.00, for a total transaction of $6,800,000.00. Following the transaction, the chief executive officer owned 195,844 shares in the company, valued at approximately $66,586,960. The trade was a 9.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 56,475 shares of company stock worth $18,505,486 over the last ninety days. Insiders own 0.37% of the company’s stock.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.