Fred Alger Management LLC Sells 167,982 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Fred Alger Management LLC lessened its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 34.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 318,229 shares of the software maker’s stock after selling 167,982 shares during the period. Fred Alger Management LLC owned about 0.12% of Cadence Design Systems worth $86,250,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of CDNS. Eventide Asset Management LLC bought a new position in Cadence Design Systems during the third quarter worth about $4,353,000. Atlantic Union Bankshares Corp boosted its stake in shares of Cadence Design Systems by 10.1% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 15,527 shares of the software maker’s stock worth $4,208,000 after acquiring an additional 1,424 shares during the period. Rockefeller Capital Management L.P. increased its holdings in shares of Cadence Design Systems by 14.9% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 190,529 shares of the software maker’s stock worth $51,644,000 after acquiring an additional 24,672 shares during the last quarter. Hantz Financial Services Inc. raised its stake in Cadence Design Systems by 14.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 6,294 shares of the software maker’s stock valued at $1,706,000 after acquiring an additional 790 shares during the period. Finally, Lattice Capital Management LLC acquired a new stake in Cadence Design Systems during the 3rd quarter valued at $325,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CDNS has been the topic of several research analyst reports. Robert W. Baird increased their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Loop Capital assumed coverage on Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price on the stock. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a report on Tuesday, August 6th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Finally, Oppenheimer started 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 for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the transaction, the vice president now owns 64,544 shares in the company, valued at $17,226,148.16. The trade was a 1.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $413,970.00. Following the transaction, the director now owns 43,551 shares in the company, valued at $12,019,204.98. This represents a 3.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,634 shares of company stock worth $1,558,535 over the last three months. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 1.7 %

CDNS opened at $304.68 on Friday. The company has a market cap of $83.56 billion, a P/E ratio of 79.97, a PEG ratio of 4.14 and a beta of 1.02. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The company’s 50 day moving average is $281.26 and its 200-day moving average is $284.26. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued 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. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. Cadence Design Systems’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.01 EPS. Equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Cadence Design Systems Company 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.