Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,865 shares of the software maker’s stock after selling 2,279 shares during the period. Mutual of America Capital Management LLC’s holdings in Cadence Design Systems were worth $10,476,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CDNS. Avior Wealth Management LLC lifted its holdings in shares of Cadence Design Systems by 12.4% during the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock valued at $98,000 after acquiring an additional 36 shares in the last quarter. Dudley Capital Management LLC raised its position in Cadence Design Systems by 4.3% in the third 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. Falcon Wealth Planning lifted its stake in shares of Cadence Design Systems by 5.1% during the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock worth $222,000 after purchasing an additional 40 shares in the last quarter. Fifth Third Wealth Advisors LLC boosted its position in shares of Cadence Design Systems by 0.7% in the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after buying an additional 40 shares during the period. Finally, Paragon Advisors LLC grew its stake in shares of Cadence Design Systems by 0.6% in the third quarter. Paragon Advisors LLC now owns 6,465 shares of the software maker’s stock valued at $1,752,000 after buying an additional 41 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Up 0.8 %

Shares of Cadence Design Systems stock opened at $250.50 on Friday. The business has a 50-day moving average price of $295.10 and a 200 day moving average price of $286.72. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The firm has a market cap of $68.66 billion, a P/E ratio of 64.90, a P/E/G ratio of 3.88 and a beta of 1.03. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. On average, sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Robert W. Baird reduced their price target on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Rosenblatt Securities upped their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Redburn Atlantic began coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective on the stock. Finally, Loop Capital lowered their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $326.92.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the transaction, the vice president now owns 58,773 shares of the company’s stock, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Paul Scannell sold 3,171 shares of Cadence Design Systems 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 completion of the transaction, the vice president now 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. In the last three months, insiders have sold 108,416 shares of company stock worth $33,538,875. 1.99% of the stock is currently owned by insiders.

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.