Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Advisory Services Network LLC

Advisory Services Network LLC decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 58.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,317 shares of the software maker's stock after selling 8,976 shares during the period. Advisory Services Network LLC's holdings in Cadence Design Systems were worth $1,898,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CDNS. Principal Financial Group Inc. boosted its position in shares of Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock worth $547,886,000 after purchasing an additional 501,833 shares during the period. M&T Bank Corp grew its stake in shares of Cadence Design Systems by 78.5% in the third quarter. M&T Bank Corp now owns 35,218 shares of the software maker's stock valued at $9,546,000 after buying an additional 15,491 shares in the last quarter. Advisory Resource Group raised its holdings in shares of Cadence Design Systems by 20.9% in the 3rd quarter. Advisory Resource Group now owns 3,721 shares of the software maker's stock valued at $1,009,000 after buying an additional 643 shares during the period. Sanctuary Advisors LLC lifted its stake in Cadence Design Systems by 20.4% during the 3rd quarter. Sanctuary Advisors LLC now owns 19,870 shares of the software maker's stock worth $5,385,000 after acquiring an additional 3,367 shares in the last quarter. Finally, World Investment Advisors LLC boosted its holdings in Cadence Design Systems by 656.3% during the 3rd quarter. World Investment Advisors LLC now owns 7,457 shares of the software maker's stock valued at $2,021,000 after acquiring an additional 6,471 shares during the period. Institutional investors and hedge funds own 84.85% of the company's stock.

Cadence Design Systems Stock Performance

CDNS stock traded up $1.78 during trading on Thursday, hitting $261.04. The company had a trading volume of 891,486 shares, compared to its average volume of 2,179,020. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99. The firm has a 50-day moving average price of $259.01 and a 200-day moving average price of $282.13. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm has a market cap of $71.61 billion, a PE ratio of 67.63, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate 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 business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. On average, analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the transaction, the vice president now owns 58,123 shares of the company's stock, valued at $14,689,425.79. The trade was a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold 1,950 shares of company stock worth $518,499 in the last ninety days. Insiders own 0.37% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on CDNS. Loop Capital lowered their price objective on shares of 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. Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a "buy" rating and a $350.00 price target for the company. Bank of America decreased their target price on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. Piper Sandler upped their price target on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a report on Wednesday, February 19th. Finally, Rosenblatt Securities lifted their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. 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 stock. Based on data from MarketBeat.com, Cadence Design Systems presently has an average rating of "Moderate Buy" and a consensus price target of $320.67.

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.