Achmea Investment Management B.V. Sells 36,314 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Achmea Investment Management B.V. lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 50.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 35,400 shares of the software maker’s stock after selling 36,314 shares during the quarter. Achmea Investment Management B.V.’s holdings in Cadence Design Systems were worth $10,894,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after acquiring an additional 437,101 shares during the period. Jennison Associates LLC raised its stake in shares of Cadence Design Systems by 6.9% in the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after purchasing an additional 459,603 shares during the period. Norges Bank bought a new stake in shares of Cadence Design Systems in the fourth quarter valued at about $1,141,059,000. Van ECK Associates Corp boosted its position in shares of Cadence Design Systems by 10.5% during the second quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock worth $675,731,000 after buying an additional 209,301 shares during the period. Finally, Nordea Investment Management AB grew its holdings in shares of Cadence Design Systems by 7.7% during the first quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock worth $636,172,000 after buying an additional 145,351 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insiders Place Their Bets

In other news, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $305.84, for a total value of $3,058,400.00. Following the transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the transaction, the director now owns 46,551 shares in the company, valued at approximately $14,643,548.07. The disclosure for this sale can be found here. Insiders sold a total of 36,113 shares of company stock valued at $10,237,521 over the last ninety days. 1.99% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on CDNS shares. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Bank of America raised their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research report on Tuesday, August 6th. Finally, Robert W. Baird decreased their price objective on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $334.56.

Cadence Design Systems Trading Up 2.0 %

Shares of NASDAQ:CDNS opened at $269.90 on Friday. Cadence Design Systems, Inc. has a 52-week low of $227.05 and a 52-week high of $328.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The company has a market capitalization of $73.53 billion, a P/E ratio of 70.29, a price-to-earnings-growth ratio of 2.98 and a beta of 1.02. The company has a 50-day simple moving average of $274.81 and a 200 day simple moving average of $291.88.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business’s revenue was up 8.6% on a year-over-year basis. During the same period last year, the firm posted $0.94 earnings per share. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

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.