Assetmark Inc. Sells 152,847 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Assetmark Inc. reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 45.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 185,970 shares of the software maker's stock after selling 152,847 shares during the period. Assetmark Inc. owned about 0.07% of Cadence Design Systems worth $50,404,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Norden Group LLC raised its position in Cadence Design Systems by 25.0% in the 1st quarter. Norden Group LLC now owns 945 shares of the software maker's stock valued at $294,000 after purchasing an additional 189 shares during the last quarter. Empowered Funds LLC lifted its position in Cadence Design Systems by 223.8% during the 1st quarter. Empowered Funds LLC now owns 9,181 shares of the software maker's stock worth $2,858,000 after buying an additional 6,346 shares in the last quarter. SG Americas Securities LLC lifted its position in Cadence Design Systems by 142.3% during the 1st quarter. SG Americas Securities LLC now owns 28,675 shares of the software maker's stock worth $8,926,000 after buying an additional 16,842 shares in the last quarter. Oppenheimer & Co. Inc. grew its holdings in Cadence Design Systems by 37.3% during the 1st quarter. Oppenheimer & Co. Inc. now owns 4,860 shares of the software maker's stock worth $1,513,000 after acquiring an additional 1,320 shares during the last quarter. Finally, Montag A & Associates Inc. increased its position in Cadence Design Systems by 10.5% in the 1st quarter. Montag A & Associates Inc. now owns 5,508 shares of the software maker's stock valued at $1,715,000 after acquiring an additional 524 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Cadence Design Systems Trading Down 0.2 %

Shares of CDNS stock traded down $0.47 on Friday, reaching $301.25. The company had a trading volume of 1,242,846 shares, compared to its average volume of 2,526,059. The company has a 50-day moving average of $270.09 and a 200-day moving average of $282.10. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The stock has a market cap of $82.62 billion, a PE ratio of 79.07, a PEG ratio of 3.63 and a beta of 1.02. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.44 by $0.20. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business's quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.01 earnings per share. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total transaction of $425,490.00. Following the completion of the sale, the director now directly owns 42,051 shares of the company's stock, valued at approximately $11,928,186.66. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO John M. Wall sold 10,000 shares of the stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business's stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the sale, the director now owns 42,051 shares in the company, valued at $11,928,186.66. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,347 shares of company stock worth $7,734,616. Corporate insiders own 1.99% of the company's stock.

Analyst Ratings Changes

CDNS has been the topic of a number of research reports. Robert W. Baird upped their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 29th. Needham & Company LLC reduced their price objective on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating on the stock in a report on Tuesday, October 29th. Oppenheimer began coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an "underperform" rating and a $225.00 target price for the company. Piper Sandler raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and set a $318.00 price target on the stock in a research note on Tuesday, August 6th. Finally, Mizuho initiated coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They issued an "outperform" rating and a $325.00 price target on the stock. One research 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. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $323.17.

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.