Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Financial Counselors Inc.

Financial Counselors Inc. lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 66.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,832 shares of the software maker's stock after selling 3,672 shares during the quarter. Financial Counselors Inc.'s holdings in Cadence Design Systems were worth $550,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. SwitchPoint Financial Planning LLC acquired a new position in Cadence Design Systems during the 4th quarter worth about $3,107,000. Keystone Investors PTE Ltd. purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth approximately $3,830,000. TIAA Trust National Association raised its stake in Cadence Design Systems by 8.4% in the fourth quarter. TIAA Trust National Association now owns 2,396 shares of the software maker's stock valued at $720,000 after buying an additional 185 shares in the last quarter. TD Asset Management Inc. increased its holdings in shares of Cadence Design Systems by 1.2% in the 4th quarter. TD Asset Management Inc. now owns 368,347 shares of the software maker's stock valued at $110,674,000 after acquiring an additional 4,369 shares during the last quarter. Finally, Segall Bryant & Hamill LLC lifted its stake in Cadence Design Systems by 2.8% during the fourth quarter. Segall Bryant & Hamill LLC now owns 97,692 shares of the software maker's stock worth $29,353,000 after purchasing an additional 2,678 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

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Cadence Design Systems Price Performance

Cadence Design Systems stock traded up $2.97 during midday trading on Wednesday, reaching $261.76. The company's stock had a trading volume of 487,118 shares, compared to its average volume of 1,877,885. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $328.99. The firm has a market capitalization of $71.80 billion, a PE ratio of 67.77, a P/E/G ratio of 3.88 and a beta of 1.05. The stock's 50 day simple moving average is $272.48 and its 200 day simple moving average is $284.34.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Rosenblatt Securities boosted their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Piper Sandler lifted their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 19th. Robert W. Baird decreased their target price on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a research report on Thursday, February 20th. Mizuho lifted their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a research report on Friday, December 13th. Finally, Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a "buy" rating and a $350.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $324.83.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the sale, the vice president now owns 58,123 shares in the company, valued at approximately $14,689,425.79. This trade represents a 1.11 % 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 link. Also, CEO Anirudh Devgan sold 93,151 shares of the company's stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the transaction, the chief executive officer now owns 55,874 shares of the company's stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 101,021 shares of company stock worth $31,229,155 in the last ninety days. Insiders own 1.99% of the company's stock.

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.