State of Alaska Department of Revenue Sells 13,546 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

State of Alaska Department of Revenue cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 30.2% during the 4th quarter, Holdings Channel.com reports. The firm owned 31,268 shares of the software maker’s stock after selling 13,546 shares during the period. State of Alaska Department of Revenue’s holdings in Cadence Design Systems were worth $9,394,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Avior Wealth Management LLC increased its stake in Cadence Design Systems by 12.4% in the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after purchasing an additional 36 shares during the period. Dudley Capital Management LLC increased its holdings in Cadence Design Systems by 4.3% during the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock valued at $257,000 after purchasing an additional 39 shares during the period. Trust Point Inc. lifted its holdings in Cadence Design Systems by 2.9% in the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after buying an additional 40 shares during the period. Falcon Wealth Planning grew its position in shares of Cadence Design Systems by 5.1% in the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock worth $222,000 after buying an additional 40 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC increased its stake in shares of Cadence Design Systems by 0.7% during the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock valued at $1,501,000 after buying an additional 40 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Scannell sold 3,171 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. The trade was a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock valued at $33,538,875 over the last ninety days. 0.62% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CDNS has been the topic of several research analyst reports. Berenberg Bank began coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. Wells Fargo & Company initiated coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective for the company. Robert W. Baird upped their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Loop Capital initiated coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $329.50.

Cadence Design Systems Stock Up 0.1 %

CDNS stock opened at $302.91 on Friday. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The stock has a market cap of $83.08 billion, a P/E ratio of 79.50, a PEG ratio of 3.42 and a beta of 1.03. The business’s 50-day moving average price is $304.77 and its 200-day moving average price is $284.80. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

About Cadence Design Systems

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.