Cadence Design Systems, Inc. $CDNS Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its Cadence Design Systems stake by 13.8% in the third quarter, selling 62,633 shares; it still held 390,213 shares valued at about $136.9 million.
• Cadence beat quarterly earnings and revenue expectations, reporting EPS of $2.11 and revenue of $1.63 billion. Revenue increased 22% year over year.
• Analysts remain broadly positive: the stock has a “Moderate Buy” consensus rating and an average price target of $410.05.

Allspring Global Investments Holdings LLC lowered its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 13.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 390,213 shares of the software maker's stock after selling 62,633 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.14% of Cadence Design Systems worth $136,859,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the business. Bryn Mawr Trust Advisors LLC increased its holdings in shares of Cadence Design Systems by 3.2% in the third quarter. Bryn Mawr Trust Advisors LLC now owns 1,015 shares of the software maker's stock valued at $335,000 after purchasing an additional 31 shares in the last quarter. University of Texas Texas AM Investment Management Co. lifted its holdings in Cadence Design Systems by 68.4% during the 3rd quarter. University of Texas Texas AM Investment Management Co. now owns 640 shares of the software maker's stock worth $211,000 after buying an additional 260 shares in the last quarter. Elite Wealth Management Inc. bought a new position in Cadence Design Systems in the 3rd quarter valued at $5,233,000. Brighton Jones LLC boosted its position in Cadence Design Systems by 1.5% in the 3rd quarter. Brighton Jones LLC now owns 3,684 shares of the software maker's stock valued at $1,217,000 after buying an additional 55 shares during the last quarter. Finally, Candriam S.C.A. increased its stake in shares of Cadence Design Systems by 11.7% in the 3rd quarter. Candriam S.C.A. now owns 311,375 shares of the software maker's stock valued at $103,187,000 after buying an additional 32,647 shares during the period. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Performance

CDNS stock opened at $319.92 on Monday. Cadence Design Systems, Inc. has a twelve month low of $262.75 and a twelve month high of $416.69. 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 company has a market cap of $87.78 billion, a P/E ratio of 63.60, a price-to-earnings-growth ratio of 3.03 and a beta of 1.10. The business's fifty day moving average is $319.83 and its 200-day moving average is $327.44.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $1.63 billion during the quarter, compared to analysts' expectations of $1.61 billion. During the same period in the previous year, the firm earned $1.93 earnings per share. The firm's quarterly revenue was up 22.0% compared to the same quarter last year. Equities research analysts forecast that Cadence Design Systems, Inc. will post 6.71 EPS for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 2,000 shares of Cadence Design Systems stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $324.13, for a total transaction of $648,260.00. Following the transaction, the vice president directly owned 119,612 shares in the company, valued at approximately $38,769,837.56. The trade was a 1.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Scannell sold 280 shares of the business's stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $339.00, for a total value of $94,920.00. Following the completion of the transaction, the vice president directly owned 31,720 shares of the company's stock, valued at approximately $10,753,080. The trade was a 0.88% 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. Over the last quarter, insiders sold 8,960 shares of company stock worth $2,834,139. 0.49% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CDNS has been the subject of a number of recent research reports. KeyCorp restated an "overweight" rating on shares of Cadence Design Systems in a research report on Tuesday, October 27th. JPMorgan Chase & Co. raised their price target on Cadence Design Systems from $405.00 to $420.00 and gave the company an "overweight" rating in a report on Tuesday, October 27th. The Goldman Sachs Group lifted their price objective on Cadence Design Systems from $410.00 to $470.00 and gave the stock a "buy" rating in a research report on Monday, July 13th. Needham & Company LLC boosted their price objective on Cadence Design Systems from $400.00 to $430.00 and gave the stock a "buy" rating in a report on Tuesday, October 27th. Finally, Oppenheimer restated a "market perform" rating and set a $300.00 target price (up from $275.00) on shares of Cadence Design Systems in a research report on Tuesday, July 28th. One investment 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 stock has an average rating of "Moderate Buy" and a consensus target price of $410.05.

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.

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