Private Advisor Group LLC Sells 373 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Private Advisor Group LLC lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.6% in the fourth quarter, HoldingsChannel reports. The firm owned 9,959 shares of the software maker’s stock after selling 373 shares during the period. Private Advisor Group LLC’s holdings in Cadence Design Systems were worth $2,992,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Bryn Mawr Capital Management LLC raised its stake in shares of Cadence Design Systems by 9,928.3% in the fourth quarter. Bryn Mawr Capital Management LLC now owns 150,525 shares of the software maker’s stock valued at $449,000 after acquiring an additional 149,024 shares during the last quarter. Lyell Wealth Management LP increased its holdings in Cadence Design Systems by 0.6% during the 4th quarter. Lyell Wealth Management LP now owns 44,784 shares of the software maker’s stock valued at $13,456,000 after purchasing an additional 282 shares in the last quarter. DSM Capital Partners LLC raised its position in Cadence Design Systems by 23.5% in the 4th quarter. DSM Capital Partners LLC now owns 284,078 shares of the software maker’s stock valued at $85,354,000 after purchasing an additional 54,030 shares during the last quarter. Convergence Investment Partners LLC acquired a new position in Cadence Design Systems in the fourth quarter worth $217,000. Finally, Bank of Jackson Hole Trust bought a new stake in shares of Cadence Design Systems during the fourth quarter worth $1,586,000. 84.85% of the stock is owned by institutional investors.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total value of $199,023.50. Following the completion of the sale, the vice president now owns 60,461 shares in the company, valued at approximately $18,512,553.59. This trade represents a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock valued at $33,538,875 in the last quarter. Company insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CDNS shares. Wells Fargo & Company started coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target for the company. Piper Sandler boosted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Mizuho upped their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. Finally, Robert W. Baird reduced their price objective on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $326.92.

Cadence Design Systems Trading Down 2.1 %

NASDAQ CDNS opened at $252.95 on Tuesday. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The company has a market capitalization of $69.37 billion, a PE ratio of 65.53, a P/E/G ratio of 3.88 and a beta of 1.03. The stock has a 50-day simple moving average of $299.33 and a 200 day simple moving average of $287.37.

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). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Cadence Design Systems Company 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.