Allianz Asset Management GmbH Sells 41,048 Shares of Cadence Design Systems, Inc. (CDNS)

Allianz Asset Management GmbH trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,148,877 shares of the software maker’s stock after selling 41,048 shares during the period. Allianz Asset Management GmbH owned 0.41% of Cadence Design Systems worth $45,346,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Creative Planning grew its stake in Cadence Design Systems by 242.2% in the second quarter. Creative Planning now owns 3,282 shares of the software maker’s stock worth $110,000 after purchasing an additional 2,323 shares during the period. Advisor Group Inc. boosted its holdings in Cadence Design Systems by 151.4% in the third quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock worth $165,000 after acquiring an additional 2,505 shares in the last quarter. Dupont Capital Management Corp bought a new stake in Cadence Design Systems in the third quarter worth $170,000. Commonwealth Bank of Australia boosted its holdings in Cadence Design Systems by 36.6% in the second quarter. Commonwealth Bank of Australia now owns 4,852 shares of the software maker’s stock worth $161,000 after acquiring an additional 1,300 shares in the last quarter. Finally, Parkwood LLC bought a new stake in Cadence Design Systems in the third quarter worth $201,000. 84.81% of the stock is currently owned by institutional investors.

CDNS has been the topic of several analyst reports. Royal Bank Of Canada reissued a “buy” rating and issued a $46.00 target price on shares of Cadence Design Systems in a report on Friday, October 27th. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a report on Wednesday, November 1st. KeyCorp reissued a “hold” rating on shares of Cadence Design Systems in a report on Sunday, November 26th. Needham & Company LLC reissued a “hold” rating on shares of Cadence Design Systems in a report on Sunday, October 29th. Finally, DA Davidson boosted their target price on Cadence Design Systems to $43.00 and gave the stock a “neutral” rating in a report on Monday, October 30th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, three have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $40.60.

Cadence Design Systems, Inc. (NASDAQ:CDNS) opened at $42.90 on Thursday. The stock has a market capitalization of $12,090.00, a price-to-earnings ratio of 45.61, a PEG ratio of 3.35 and a beta of 0.93. The company has a current ratio of 1.79, a quick ratio of 1.72 and a debt-to-equity ratio of 0.64. Cadence Design Systems, Inc. has a 1-year low of $24.15 and a 1-year high of $45.64.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Thursday, October 26th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $485.40 million for the quarter, compared to the consensus estimate of $481.10 million. Cadence Design Systems had a return on equity of 29.00% and a net margin of 13.45%. The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.30 earnings per share. analysts predict that Cadence Design Systems, Inc. will post 1.06 EPS for the current year.

In other news, CFO John M. Wall sold 750 shares of the company’s stock in a transaction on Monday, October 9th. The stock was sold at an average price of $40.68, for a total transaction of $30,510.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Thomas P. Beckley sold 43,469 shares of the company’s stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $44.09, for a total value of $1,916,548.21. Following the transaction, the insider now directly owns 225,863 shares in the company, valued at $9,958,299.67. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 230,224 shares of company stock worth $9,879,242. Corporate insiders own 2.55% of the company’s stock.

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About Cadence Design Systems

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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