Csenge Advisory Group Sells 996 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Csenge Advisory Group lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 36.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,740 shares of the software maker's stock after selling 996 shares during the quarter. Csenge Advisory Group's holdings in Cadence Design Systems were worth $523,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of CDNS. Creative Planning grew its holdings in Cadence Design Systems by 9.1% during the third quarter. Creative Planning now owns 48,389 shares of the software maker's stock valued at $13,115,000 after purchasing an additional 4,038 shares during the period. Swedbank AB boosted its holdings in shares of Cadence Design Systems by 15.1% in the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker's stock valued at $475,336,000 after buying an additional 230,672 shares during the period. Venture Visionary Partners LLC boosted its holdings in shares of Cadence Design Systems by 2.5% in the third quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker's stock valued at $463,000 after buying an additional 41 shares during the period. Kessler Investment Group LLC boosted its holdings in shares of Cadence Design Systems by 18.4% in the third quarter. Kessler Investment Group LLC now owns 10,514 shares of the software maker's stock valued at $2,850,000 after buying an additional 1,637 shares during the period. Finally, Dock Street Asset Management Inc. boosted its holdings in shares of Cadence Design Systems by 1.2% in the third quarter. Dock Street Asset Management Inc. now owns 71,898 shares of the software maker's stock valued at $19,487,000 after buying an additional 869 shares during the period. Institutional investors and hedge funds own 84.85% of the company's stock.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded down $11.96 on Friday, hitting $258.27. 4,553,254 shares of the stock were exchanged, compared to its average volume of 1,870,280. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The business's fifty day moving average is $301.51 and its 200 day moving average is $286.95. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a market capitalization of $70.83 billion, a PE ratio of 66.91, a P/E/G ratio of 3.17 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Research analysts anticipate that Cadence Design Systems, Inc. will post 5.57 EPS for the current fiscal year.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the 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 of the company's stock, valued at $18,512,553.59. This represents a 1.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Anirudh Devgan sold 5,920 shares of the company's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock valued at $33,538,875 over the last ninety days. 1.99% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CDNS shares. Redburn Atlantic started coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a "buy" rating and a $350.00 price target for the company. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an "overweight" rating and a $350.00 price target for the company. Loop Capital reduced their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a report on Wednesday. Mizuho upped their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a report on Friday, December 13th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research report on Wednesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems has an average rating of "Moderate Buy" and an average target price of $326.92.

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.