Cadence Design Systems, Inc. $CDNS Stock Sold by Trillium Asset Management LLC

Trillium Asset Management LLC decreased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.6% during the third quarter, Holdings Channel.com reports. The firm owned 85,393 shares of the software maker’s stock after selling 3,227 shares during the period. Cadence Design Systems comprises about 0.9% of Trillium Asset Management LLC’s portfolio, making the stock its 27th biggest holding. Trillium Asset Management LLC’s holdings in Cadence Design Systems were worth $28,196,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Avalon Trust Co acquired a new stake in shares of Cadence Design Systems during the second quarter worth approximately $30,000. Fiduciary Financial Advisors acquired a new stake in shares of Cadence Design Systems during the 2nd quarter valued at about $31,000. Arlington Trust Co LLC raised its holdings in shares of Cadence Design Systems by 154.3% during the 2nd quarter. Arlington Trust Co LLC now owns 89 shares of the software maker’s stock valued at $33,000 after purchasing an additional 54 shares in the last quarter. Burkett Financial Services LLC acquired a new stake in shares of Cadence Design Systems in the third quarter worth about $30,000. Finally, Balance Wealth Partners LLC acquired a new position in Cadence Design Systems during the third quarter valued at approximately $32,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Oppenheimer restated a “market perform” rating and set a $300.00 price target (up from $275.00) on shares of Cadence Design Systems in a report on Tuesday, July 28th. JPMorgan Chase & Co. lifted their price objective on Cadence Design Systems from $405.00 to $420.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 27th. Morgan Stanley reissued an “overweight” rating and set a $400.00 price objective (up from $370.00) on shares of Cadence Design Systems in a research report on Wednesday, July 29th. Benchmark restated a “buy” rating on shares of Cadence Design Systems in a research note on Tuesday, July 28th. Finally, Mizuho set a $400.00 target price on Cadence Design Systems in a report on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $410.05.

Insider Activity at Cadence Design Systems

In other news, Director Lewis Chew sold 375 shares of the business’s stock in a transaction that occurred on Tuesday, November 10th. The stock was sold at an average price of $331.43, for a total transaction of $124,286.25. Following the sale, the director directly owned 8,756 shares in the company, valued at approximately $2,902,001.08. The trade was a 4.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $350.07, for a total value of $437,587.50. Following the sale, the director owned 39,544 shares in the company, valued at approximately $13,843,168.08. This represents a 3.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 11,736 shares of company stock worth $3,772,365 in the last three months. Company insiders own 0.49% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS traded down $10.31 during mid-day trading on Friday, hitting $323.01. The company had a trading volume of 1,547,128 shares, compared to its average volume of 2,454,347. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.18. The business’s 50-day simple moving average is $320.83 and its 200-day simple moving average is $327.76. Cadence Design Systems, Inc. has a 12 month low of $262.75 and a 12 month high of $416.69. The firm has a market cap of $88.63 billion, a P/E ratio of 64.22, a PEG ratio of 3.16 and a beta of 1.10.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.06. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The company’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.93 earnings per share. As a group, analysts predict that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current fiscal year.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc. develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards. The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.