Central Asset Investments & Management Holdings HK Ltd Sells 6,264 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Central Asset Investments & Management Holdings HK Ltd lessened its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 82.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,335 shares of the software maker's stock after selling 6,264 shares during the period. Cadence Design Systems accounts for about 0.4% of Central Asset Investments & Management Holdings HK Ltd's investment portfolio, making the stock its 26th biggest holding. Central Asset Investments & Management Holdings HK Ltd's holdings in Cadence Design Systems were worth $362,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Capital Market Strategies LLC increased its stake in Cadence Design Systems by 3.1% in the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker's stock valued at $400,000 after purchasing an additional 39 shares in the last quarter. Dudley Capital Management LLC raised its holdings in shares of Cadence Design Systems by 4.3% during the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker's stock worth $257,000 after acquiring an additional 39 shares during the period. Trust Point Inc. raised its holdings in shares of Cadence Design Systems by 2.9% during the third quarter. Trust Point Inc. now owns 1,397 shares of the software maker's stock worth $379,000 after acquiring an additional 40 shares during the period. Falcon Wealth Planning raised its holdings in shares of Cadence Design Systems by 5.1% during the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker's stock worth $222,000 after acquiring an additional 40 shares during the period. Finally, Venture Visionary Partners LLC raised its holdings in shares of Cadence Design Systems by 2.5% during the third quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker's stock worth $463,000 after acquiring an additional 41 shares during the period. Institutional investors and hedge funds own 84.85% of the company's stock.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the completion of the transaction, the vice president now directly owns 64,544 shares in the company, valued at approximately $17,226,148.16. The trade was a 1.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John M. Wall sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, August 28th. The shares were 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 owns 38,654 shares of the company's stock, valued at $10,278,485.14. The trade was a 20.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,634 shares of company stock worth $4,217,635 in the last quarter. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Performance

Shares of CDNS stock traded down $13.33 during midday trading on Friday, hitting $289.71. 1,583,318 shares of the company were exchanged, compared to its average volume of 1,774,879. The firm has a market capitalization of $79.46 billion, a P/E ratio of 76.04, a PEG ratio of 3.75 and a beta of 1.02. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The firm's 50 day moving average price is $274.49 and its two-hundred day moving average price is $282.77. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99.

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

Analyst Ratings Changes

A number of equities research analysts recently commented on CDNS shares. Mizuho started coverage on shares of Cadence Design Systems in a report on Tuesday, October 22nd. They set an "outperform" rating and a $325.00 price objective on the stock. Needham & Company LLC lowered their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating on the stock in a research note on Tuesday, October 29th. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an "outperform" rating in a research note on Tuesday, October 29th. Loop Capital started coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a "buy" rating and a $360.00 price target on the stock. Finally, Piper Sandler raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, Cadence Design Systems presently has an average rating of "Moderate Buy" and an average price target of $326.00.

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.