Financial Counselors Inc. Sells 3,672 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Financial Counselors Inc. lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 66.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,832 shares of the software maker’s stock after selling 3,672 shares during the quarter. Financial Counselors Inc.’s holdings in Cadence Design Systems were worth $550,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Golden State Wealth Management LLC acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at $28,000. Avalon Trust Co bought a new position in Cadence Design Systems during the 4th quarter valued at about $39,000. Versant Capital Management Inc boosted its position in Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after buying an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC grew its stake in Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after buying an additional 60 shares during the last quarter. Finally, OFI Invest Asset Management acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth approximately $46,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the sale, the vice president now directly owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction that occurred on Monday, January 6th. The shares were 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 in the company, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 101,021 shares of company stock worth $31,229,155 in the last quarter. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 2.2 %

NASDAQ:CDNS opened at $256.69 on Friday. The stock’s fifty day simple moving average is $274.55 and its 200-day simple moving average is $284.19. The firm has a market capitalization of $70.36 billion, a P/E ratio of 66.50, a P/E/G ratio of 3.88 and a beta of 1.05. 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, Inc. has a 12-month low of $230.09 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The firm had revenue of $1.36 billion during 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%. Equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on CDNS shares. Needham & Company LLC restated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Bank of America decreased their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Redburn Atlantic assumed coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. Mizuho increased their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Finally, Robert W. Baird dropped their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $324.83.

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.