Korea Investment CORP Cuts Stake in Cadence Design Systems, Inc. $CDNS

Key Points

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Korea Investment CORP lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 6.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 159,389 shares of the software maker's stock after selling 11,721 shares during the period. Korea Investment CORP owned about 0.06% of Cadence Design Systems worth $40,537,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of CDNS. Smallwood Wealth Investment Management LLC acquired a new position in Cadence Design Systems during the first quarter worth about $25,000. Costello Asset Management INC acquired a new position in Cadence Design Systems during the first quarter worth about $25,000. Valley National Advisers Inc. boosted its position in Cadence Design Systems by 707.1% during the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock worth $28,000 after acquiring an additional 99 shares during the last quarter. Ancora Advisors LLC boosted its position in Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after acquiring an additional 112 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its position in Cadence Design Systems by 36.5% during the first quarter. Meeder Asset Management Inc. now owns 172 shares of the software maker's stock worth $44,000 after acquiring an additional 46 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Activity at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the sale, the director directly owned 8,010 shares of the company's stock, valued at $2,435,040. This represents a 2.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $358.72, for a total transaction of $358,720.00. Following the sale, the vice president directly owned 104,499 shares in the company, valued at approximately $37,485,881.28. The trade was a 0.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,830 shares of company stock worth $1,207,671. 0.37% of the stock is owned by insiders.

Analyst Ratings Changes

CDNS has been the topic of a number of recent research reports. Robert W. Baird boosted their price target on shares of Cadence Design Systems from $340.00 to $380.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Needham & Company LLC boosted their target price on shares of Cadence Design Systems from $325.00 to $390.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Wall Street Zen lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Rosenblatt Securities reiterated a "neutral" rating and issued a $300.00 target price on shares of Cadence Design Systems in a report on Friday, July 25th. Finally, Berenberg Bank set a $400.00 target price on shares of Cadence Design Systems in a report on Wednesday, July 30th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $364.33.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $356.25 on Tuesday. The firm's 50 day moving average price is $325.98 and its 200-day moving average price is $294.43. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.67 and a current ratio of 2.82. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $376.45. The firm has a market cap of $97.07 billion, a P/E ratio of 96.28, a P/E/G ratio of 4.59 and a beta of 0.97.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the prior year, the firm earned $1.28 EPS. The firm's revenue for the quarter was up 20.2% on a year-over-year basis. As a group, equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.

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