Sun Sep 15 14:25:09 UTC 2024: ## Hedge Funds Adjust Stakes in Cadence Design Systems, Insider Sales Reported

**San Francisco, CA (MarketBeat News) –** Meeder Asset Management Inc. has significantly reduced its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 87.1% during the second quarter. Meanwhile, other institutional investors have shown increased interest in the software maker, with Vanguard Group Inc. and Jennison Associates LLC boosting their holdings.

Meeder Asset Management owned 155 shares of CDNS at the end of the quarter, valued at $48,000, after selling 1,046 shares. The company’s holdings in CDNS represent a small portion of its overall portfolio.

Several other hedge funds and institutional investors also made notable moves:

* Vanguard Group Inc. increased its position in CDNS by 1.8%, now owning 24,940,556 shares valued at $7,763,496,000.
* Jennison Associates LLC expanded its stake in CDNS by 6.9%, currently holding 7,085,526 shares worth $2,205,582,000.
* Norges Bank acquired a new position in CDNS in the fourth quarter, worth $1,141,059,000.
* Van ECK Associates Corp. raised its stake in CDNS by 10.5%, now owning 2,195,714 shares valued at $675,731,000.
* Nordea Investment Management AB boosted its holdings in CDNS by 7.7%, currently owning 2,040,581 shares valued at $636,172,000.

Overall, hedge funds and institutional investors now own 84.85% of CDNS stock.

**Insider Transactions**

Several company insiders have also sold shares of CDNS recently.

* VP Chin-Chi Teng sold 10,000 shares on July 1st at an average price of $305.84, for a total value of $3,058,400.
* VP Paul Cunningham sold 650 shares on August 1st at an average price of $266.24, for a total value of $173,056.

Over the past 90 days, company insiders have sold a total of 36,113 shares worth $10,237,521.

**Recent Earnings and Analyst Sentiment**

Cadence Design Systems released its second-quarter earnings on July 22nd, reporting earnings per share of $1.28, exceeding analyst estimates by $0.06. Revenue for the quarter was $1.06 billion, also surpassing expectations.

Analysts remain optimistic about CDNS, with eight analysts issuing buy ratings and two issuing hold ratings. The consensus target price for CDNS is $334.56, suggesting potential upside for the stock.

**KeyCorp** increased its price target for CDNS from $350.00 to $355.00 and maintained an “overweight” rating. **Robert W. Baird** decreased its price target to $338.00 but maintained an “outperform” rating. **Needham & Company LLC** reiterated a “buy” rating with a $320.00 price objective. **Rosenblatt Securities** maintained a “neutral” rating with a $280.00 price objective. **Bank of America** raised its price target to $350.00 and maintained a “buy” rating.

**Overall, while Meeder Asset Management’s reduced stake in CDNS might suggest some short-term caution, other institutional investors remain positive on the company’s prospects. The recent insider selling activity could be seen as a mixed signal, but strong earnings and positive analyst sentiment suggest a potentially bullish outlook for CDNS.**

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