Renaissance Group LLC Decreases Position in Cadence Design Systems, Inc. $CDNS

Renaissance Group LLC trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 110,648 shares of the software maker’s stock after selling 3,149 shares during the period. Cadence Design Systems makes up about 1.5% of Renaissance Group LLC’s portfolio, making the stock its 15th biggest position. Renaissance Group LLC’s holdings in Cadence Design Systems were worth $38,866,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of CDNS. Peterson Wealth Services increased its position in Cadence Design Systems by 1,501.3% during the third quarter. Peterson Wealth Services now owns 187,115 shares of the software maker’s stock valued at $65,726,000 after acquiring an additional 175,430 shares during the last quarter. Pacer Advisors Inc. grew its holdings in Cadence Design Systems by 83.3% during the 3rd quarter. Pacer Advisors Inc. now owns 182,348 shares of the software maker’s stock valued at $64,052,000 after purchasing an additional 82,856 shares during the last quarter. Stanley Laman Group Ltd. purchased a new stake in Cadence Design Systems in the 3rd quarter worth about $6,177,000. Patton Fund Management Inc. raised its stake in shares of Cadence Design Systems by 1,743.7% during the third quarter. Patton Fund Management Inc. now owns 13,994 shares of the software maker’s stock valued at $4,916,000 after acquiring an additional 13,235 shares in the last quarter. Finally, Westerkirk Capital Inc. purchased a new stake in shares of Cadence Design Systems in the second quarter valued at approximately $2,024,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 4.9%

Shares of CDNS stock opened at $283.44 on Friday. The stock’s fifty day moving average price is $314.89 and its 200 day moving average price is $331.51. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $376.45. The company has a market cap of $77.15 billion, a price-to-earnings ratio of 73.05, a price-to-earnings-growth ratio of 3.02 and a beta of 1.01. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.84.

Insider Buying and Selling at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 20,000 shares of Cadence Design Systems stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $340.00, for a total value of $6,800,000.00. Following the completion of the sale, the chief executive officer directly owned 195,844 shares in the company, valued at $66,586,960. This trade represents a 9.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $295.09, for a total transaction of $295,090.00. Following the transaction, the vice president owned 95,137 shares in the company, valued at $28,073,977.33. The trade was a 1.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 56,475 shares of company stock valued at $18,505,486. Insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the topic of several research reports. Oppenheimer upgraded Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price objective on the stock in a report on Monday, December 1st. Rosenblatt Securities raised their price target on Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a research note on Tuesday, October 28th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cadence Design Systems in a research note on Monday, December 29th. JPMorgan Chase & Co. raised their target price on shares of Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. Finally, Wolfe Research reaffirmed an “outperform” rating and issued a $385.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Thirteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $379.59.

About Cadence Design Systems

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.