4,948 Cadence Design Systems, Inc. $CDNS Shares Sold by TrinityBridge Ltd

Key Points

• TrinityBridge cut its Cadence Design Systems stake by 7.1%, selling 4,948 shares in the third quarter; it still held 64,500 shares valued at about $21.3 million.
• Cadence beat quarterly earnings and revenue estimates, reporting $2.11 in EPS and $1.63 billion in revenue; revenue rose 22% year over year.
• Analysts had a “Moderate Buy” consensus and an average price target of $410.05. Shares opened at $323.75 and were reported down 1.7%.

TrinityBridge Ltd lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 7.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 64,500 shares of the software maker's stock after selling 4,948 shares during the period. TrinityBridge Ltd's holdings in Cadence Design Systems were worth $21,297,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Lyell Wealth Management LP increased its position in Cadence Design Systems by 2.8% during the third quarter. Lyell Wealth Management LP now owns 54,167 shares of the software maker's stock worth $17,885,000 after buying an additional 1,474 shares in the last quarter. Family CFO Inc acquired a new position in Cadence Design Systems during the 3rd quarter worth approximately $706,000. Stiles Financial Services Inc lifted its position in shares of Cadence Design Systems by 8.6% during the third quarter. Stiles Financial Services Inc now owns 3,292 shares of the software maker's stock worth $1,087,000 after purchasing an additional 260 shares in the last quarter. IPG Investment Advisors LLC lifted its holdings in Cadence Design Systems by 8.1% in the 3rd quarter. IPG Investment Advisors LLC now owns 5,478 shares of the software maker's stock worth $1,809,000 after buying an additional 410 shares in the last quarter. Finally, Factory Mutual Insurance Co. boosted its holdings in Cadence Design Systems by 13.8% in the third quarter. Factory Mutual Insurance Co. now owns 306,671 shares of the software maker's stock valued at $101,258,000 after purchasing an additional 37,200 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Trading Down 1.7%

Shares of NASDAQ CDNS opened at $323.75 on Wednesday. The company has a quick ratio of 1.18, a current ratio of 1.36 and a debt-to-equity ratio of 0.29. The stock's 50 day moving average price is $320.90 and its two-hundred day moving average price is $327.36. Cadence Design Systems, Inc. has a 52-week low of $262.75 and a 52-week high of $416.69. The stock has a market capitalization of $88.83 billion, a P/E ratio of 64.36, a PEG ratio of 3.12 and a beta of 1.10.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, topping the consensus estimate of $2.05 by $0.06. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter last year, the firm earned $1.93 EPS. The business's revenue was up 22.0% on a year-over-year basis. On average, analysts anticipate that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 280 shares of the business's stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $339.00, for a total transaction of $94,920.00. Following the completion of the sale, the vice president owned 31,720 shares in the company, valued at $10,753,080. The trade was a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of the business's stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $350.07, for a total transaction of $437,587.50. Following the sale, the director owned 39,544 shares of the company's stock, valued at approximately $13,843,168.08. The trade was a 3.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 8,960 shares of company stock valued at $2,834,139. 0.49% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of recent analyst reports. Benchmark reissued a "buy" rating on shares of Cadence Design Systems in a research report on Tuesday, July 28th. Citigroup upped their price target on shares of Cadence Design Systems from $400.00 to $420.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. KeyCorp reiterated an "overweight" rating on shares of Cadence Design Systems in a research note on Tuesday, October 27th. Rothschild & Co Redburn increased their price objective on shares of Cadence Design Systems from $385.00 to $395.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. Finally, Weiss Ratings raised shares of Cadence Design Systems from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, October 22nd. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $410.05.

Cadence Design Systems Profile

Cadence Design Systems, Inc develops computational software, hardware, and semiconductor intellectual property used to design and verify electronic systems and integrated circuits. Its electronic design automation (EDA) solutions support chip development across areas such as digital and custom IC design, functional verification, emulation, prototyping, and system analysis.

The company also provides semiconductor IP, including processor cores, interconnect technologies, memory interfaces, and other building blocks that help customers develop complex chips.

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