Blue Trust Inc. Lowers Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Blue Trust Inc. lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 85.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 672 shares of the software maker's stock after selling 4,080 shares during the quarter. Blue Trust Inc.'s holdings in Cadence Design Systems were worth $202,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Missouri Trust & Investment Co purchased a new position in Cadence Design Systems during the third quarter valued at $27,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Cadence Design Systems in the 3rd quarter worth about $28,000. Golden State Wealth Management LLC purchased a new position in shares of Cadence Design Systems in the 4th quarter worth about $28,000. Versant Capital Management Inc raised its position in shares of Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock worth $42,000 after purchasing an additional 87 shares during the last quarter. Finally, Prestige Wealth Management Group LLC raised its position in shares of Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock worth $45,000 after purchasing an additional 60 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares of the company's stock, valued at $4,378,158.04. The trade was a 18.13 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems 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 transaction, the vice president now directly owns 60,461 shares in the company, valued at approximately $18,512,553.59. The trade was a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock worth $33,538,875 in the last three months. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock traded down $10.29 during trading hours on Friday, reaching $259.94. 2,092,630 shares of the stock traded hands, compared to its average volume of 1,793,486. The company has a 50 day moving average price of $301.51 and a 200 day moving average price of $286.95. The firm has a market capitalization of $71.29 billion, a price-to-earnings ratio of 67.22, a P/E/G ratio of 3.17 and a beta of 1.03. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. 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 - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.82 by ($0.33). The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. On average, equities research analysts expect that Cadence Design Systems, Inc. will post 5.57 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CDNS shares. Piper Sandler lifted their price target on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research report on Wednesday. Needham & Company LLC reaffirmed a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday. Rosenblatt Securities lifted their price target on Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a research report on Wednesday. Mizuho lifted their price objective on 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 reduced their price objective on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a report on Thursday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $326.92.

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.