Alerus Financial NA Has $10.13 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Alerus Financial NA cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 4.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 33,709 shares of the software maker's stock after selling 1,493 shares during the period. Cadence Design Systems makes up approximately 0.8% of Alerus Financial NA's investment portfolio, making the stock its 21st largest holding. Alerus Financial NA's holdings in Cadence Design Systems were worth $10,128,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in CDNS. Principal Financial Group Inc. lifted its holdings 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 valued at $547,886,000 after purchasing an additional 501,833 shares in the last quarter. Cerity Partners LLC boosted its holdings in shares of Cadence Design Systems by 27.9% in the third quarter. Cerity Partners LLC now owns 15,225 shares of the software maker's stock valued at $4,126,000 after buying an additional 3,320 shares during the period. Larson Financial Group LLC increased its position in shares of Cadence Design Systems by 150.0% during the third quarter. Larson Financial Group LLC now owns 500 shares of the software maker's stock worth $136,000 after acquiring an additional 300 shares in the last quarter. Private Trust Co. NA raised its holdings in shares of Cadence Design Systems by 16.2% during the third quarter. Private Trust Co. NA now owns 733 shares of the software maker's stock worth $199,000 after acquiring an additional 102 shares during the period. Finally, D.A. Davidson & CO. lifted its position in Cadence Design Systems by 17.1% in the 3rd quarter. D.A. Davidson & CO. now owns 1,644 shares of the software maker's stock valued at $446,000 after acquiring an additional 240 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

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Analysts Set New Price Targets

CDNS has been the topic of a number of research reports. Mizuho boosted their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a report on Friday, December 13th. Bank of America decreased their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a "buy" rating and a $350.00 price target on the stock. Oppenheimer lowered their target price on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 19th. Finally, StockNews.com cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, Cadence Design Systems has an average rating of "Moderate Buy" and an average price target of $324.83.

Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the sale, the vice president now owns 59,311 shares of the company's stock, valued at approximately $18,080,365.24. The trade was a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Anirudh Devgan sold 5,920 shares of the firm's 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 transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 101,021 shares of company stock worth $31,229,155 in the last ninety days. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS traded up $2.18 on Tuesday, hitting $256.51. The company had a trading volume of 404,007 shares, compared to its average volume of 1,875,530. The stock has a market cap of $70.36 billion, a price-to-earnings ratio of 66.41, a P/E/G ratio of 3.88 and a beta of 1.05. The stock has a 50 day moving average price of $273.52 and a 200 day moving average price of $284.41. Cadence Design Systems, Inc. has a 1-year low of $230.09 and a 1-year high of $328.99. 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 (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts' consensus estimates of $1.82 by ($0.33). The company 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%. Analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

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.