Knights of Columbus Asset Advisors LLC Purchases Shares of 2,579 Cadence Design Systems, Inc. $CDNS

Knights of Columbus Asset Advisors LLC purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,579 shares of the software maker’s stock, valued at approximately $906,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Cadence Design Systems by 1.0% during the 2nd quarter. Vanguard Group Inc. now owns 26,595,861 shares of the software maker’s stock valued at $8,195,515,000 after acquiring an additional 256,719 shares in the last quarter. State Street Corp increased its holdings in shares of Cadence Design Systems by 1.4% during the second quarter. State Street Corp now owns 12,318,585 shares of the software maker’s stock valued at $3,795,972,000 after purchasing an additional 172,551 shares during the period. Jennison Associates LLC raised its stake in shares of Cadence Design Systems by 3.0% during the second quarter. Jennison Associates LLC now owns 9,338,102 shares of the software maker’s stock valued at $2,877,536,000 after purchasing an additional 273,149 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Cadence Design Systems by 1.2% in the second quarter. Geode Capital Management LLC now owns 6,363,734 shares of the software maker’s stock worth $1,952,771,000 after purchasing an additional 77,478 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in Cadence Design Systems by 16.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,314,407 shares of the software maker’s stock valued at $1,866,739,000 after buying an additional 731,788 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Insider Activity at Cadence Design Systems

In other news, CFO John M. Wall sold 27,805 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $318.57, for a total value of $8,857,838.85. Following the transaction, the chief financial officer directly owned 69,957 shares of the company’s stock, valued at $22,286,201.49. This trade represents a 28.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $315.70, for a total transaction of $315,700.00. Following the sale, the vice president owned 96,067 shares in the company, valued at $30,328,351.90. This represents a 1.03% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 62,025 shares of company stock valued at $20,369,946. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 2.1%

Shares of NASDAQ CDNS opened at $296.36 on Friday. 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 12 month low of $221.56 and a 12 month high of $376.45. The company has a market cap of $80.67 billion, a price-to-earnings ratio of 76.38, a P/E/G ratio of 3.38 and a beta of 1.02. The business has a fifty day simple moving average of $317.89 and a 200-day simple moving average of $333.02.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CDNS shares. Rosenblatt Securities boosted their price target on shares of Cadence Design Systems from $320.00 to $335.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 28th. KeyCorp restated an “overweight” rating and issued a $405.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Oppenheimer upgraded Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price target on the stock in a research report on Monday, December 1st. Robert W. Baird upped their price objective on Cadence Design Systems from $390.00 to $418.00 and gave the company an “outperform” rating in a report on Tuesday, October 28th. Finally, Citigroup assumed coverage on Cadence Design Systems in a report on Monday, November 24th. They set a “buy” rating and a $385.00 target price on the stock. Thirteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $379.59.

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.