Shell Asset Management Co. Trims Stock Position in Cadence Design Systems, Inc. $CDNS

Shell Asset Management Co. decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 87.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 6,586 shares of the software maker’s stock after selling 46,169 shares during the period. Shell Asset Management Co.’s holdings in Cadence Design Systems were worth $2,313,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in Cadence Design Systems in the second quarter valued at $1,190,618,000. Massachusetts Financial Services Co. MA raised its holdings 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 during the period. Voya Investment Management LLC lifted its position in Cadence Design Systems by 914.2% in the third quarter. Voya Investment Management LLC now owns 691,071 shares of the software maker’s stock valued at $242,746,000 after buying an additional 622,934 shares during the last quarter. Scge Management L.P. acquired a new stake in shares of Cadence Design Systems during the second quarter valued at about $187,663,000. Finally, Bain Capital Public Equity Management II LLC purchased a new stake in shares of Cadence Design Systems in the 2nd quarter valued at approximately $130,534,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Wolfe Research reiterated an “outperform” rating and issued a $385.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 28th. KeyCorp reissued an “overweight” rating and set a $405.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Citigroup began coverage on Cadence Design Systems in a research report on Monday, November 24th. They issued a “buy” rating and a $385.00 target price for the company. Needham & Company LLC reissued a “buy” rating and set a $390.00 price target on shares of Cadence Design Systems in a research report on Monday, December 22nd. Finally, Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $390.00 to $418.00 and gave the company an “outperform” rating in a report on Tuesday, October 28th. Thirteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average target price of $379.59.

Insider Transactions at Cadence Design Systems

In other news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $337.48, for a total transaction of $60,746.40. Following the completion of the sale, the director directly owned 7,650 shares of the company’s stock, valued at approximately $2,581,722. The trade was a 2.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Scannell sold 5,490 shares of the stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $339.43, for a total value of $1,863,470.70. Following the completion of the transaction, the vice president directly owned 20,321 shares in the company, valued at $6,897,557.03. This trade represents a 21.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 56,475 shares of company stock valued at $18,505,486 over the last quarter. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

CDNS stock opened at $299.46 on Friday. The business’s 50-day moving average is $311.67 and its two-hundred day moving average is $330.15. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.84. The firm has a market capitalization of $81.51 billion, a P/E ratio of 77.18, a P/E/G ratio of 3.33 and a beta of 1.01. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $376.45.

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.