Fifth Third Bancorp reduced its position in Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 3.4% in the 4th quarter, Holdings Channel reports. The fund owned 53,465 shares of the software maker’s stock after selling 1,876 shares during the period. Fifth Third Bancorp’s holdings in Cadence Design Systems were worth $16,064,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of the business. Curated Wealth Partners LLC purchased a new position in Cadence Design Systems during the fourth quarter worth about $265,000. Harel Insurance Investments & Financial Services Ltd. increased its stake in shares of Cadence Design Systems by 26.5% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 539 shares of the software maker’s stock valued at $162,000 after acquiring an additional 113 shares during the last quarter. CX Institutional lifted its holdings in shares of Cadence Design Systems by 2.6% during the 4th quarter. CX Institutional now owns 1,791 shares of the software maker’s stock worth $538,000 after acquiring an additional 46 shares during the period. Zweig DiMenna Associates LLC acquired a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $9,375,000. Finally, Berbice Capital Management LLC acquired a new position in Cadence Design Systems during the fourth quarter worth approximately $65,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.
Cadence Design Systems Stock Down 1.2 %
Shares of NASDAQ CDNS opened at $320.48 on Friday. The firm has a market cap of $87.89 billion, a price-to-earnings ratio of 84.12, a PEG ratio of 3.70 and a beta of 1.04. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The stock’s 50-day simple moving average is $306.14 and its 200-day simple moving average is $285.35.
Insider Transactions at Cadence Design Systems
In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the sale, the vice president now directly owns 60,461 shares of the company’s stock, valued at approximately $18,512,553.59. This represents a 1.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 108,416 shares of company stock valued at $33,528,267. Insiders own 1.99% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts have weighed in on CDNS shares. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target on the stock. Robert W. Baird lifted their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Mizuho upped their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Redburn Atlantic assumed coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective on the stock. Finally, Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $329.50.
Read Our Latest Research Report on CDNS
Cadence Design Systems 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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