Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Handelsbanken Fonder AB

Handelsbanken Fonder AB reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 3.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 86,070 shares of the software maker's stock after selling 3,330 shares during the period. Handelsbanken Fonder AB's holdings in Cadence Design Systems were worth $25,861,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Missouri Trust & Investment Co purchased a new position in shares of Cadence Design Systems in the third quarter valued at approximately $27,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Cadence Design Systems in the third quarter worth $28,000. Golden State Wealth Management LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth $28,000. Versant Capital Management Inc raised its stake in shares of Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock valued at $42,000 after acquiring an additional 87 shares in the last quarter. Finally, Prestige Wealth Management Group LLC boosted its holdings in Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock valued at $45,000 after purchasing an additional 60 shares during the period. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the transaction, the vice president now directly owns 58,773 shares of the company's stock, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the company's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at $17,320,940. The trade was a 62.51 % 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 in the last ninety days. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Performance

CDNS traded down $11.96 on Friday, reaching $258.27. The company had a trading volume of 4,553,254 shares, compared to its average volume of 1,870,280. The stock has a 50-day moving average price of $301.51 and a 200-day moving average price of $286.95. 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, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The stock 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 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). 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 analysts' expectations of $1.35 billion. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 5.57 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Mizuho increased their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research report on Friday, December 13th. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a "buy" rating and a $350.00 target price on the stock. Needham & Company LLC reiterated a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a report on Wednesday. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an "overweight" rating and a $350.00 price objective on the stock. Finally, Rosenblatt Securities lifted 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. One equities 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 company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $326.92.

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.