Peregrine Capital Management LLC Sells 4,054 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Peregrine Capital Management LLC lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 4.6% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 84,353 shares of the software maker's stock after selling 4,054 shares during the period. Cadence Design Systems accounts for about 0.8% of Peregrine Capital Management LLC's investment portfolio, making the stock its 27th biggest holding. Peregrine Capital Management LLC's holdings in Cadence Design Systems were worth $25,345,000 as of its most recent filing with the SEC.

Several other hedge funds have also 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 grew its holdings in Cadence Design Systems by 15.1% during the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker's stock valued at $475,336,000 after purchasing an additional 230,672 shares during the period. Capital Investment Advisors LLC grew its holdings in Cadence Design Systems by 17.7% during the third quarter. Capital Investment Advisors LLC now owns 5,906 shares of the software maker's stock valued at $1,601,000 after purchasing an additional 889 shares during the period. Corundum Group Inc. bought a new stake in Cadence Design Systems during the third quarter valued at about $216,000. Finally, Bedrijfstakpensioenfonds Voor DE Media PNO grew its holdings in Cadence Design Systems by 36.4% during the third quarter. Bedrijfstakpensioenfonds Voor DE Media PNO now owns 52,500 shares of the software maker's stock valued at $14,229,000 after purchasing an additional 14,000 shares during the period. Institutional investors own 84.85% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CDNS. Bank of America lowered their price objective on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a research report on Wednesday. Loop Capital lowered their price objective on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research report on Wednesday. Piper Sandler boosted their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research report on Wednesday. Mizuho boosted their price objective 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. Finally, Rosenblatt Securities boosted their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a research report on Wednesday. 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 MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $326.92.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the sale, the vice president now directly owns 60,461 shares in the company, 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 SEC, which is available at 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 shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock worth $33,538,875 over the last ninety days. Company insiders own 1.99% of the company's stock.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded down $11.96 during mid-day trading on Friday, reaching $258.27. The stock had a trading volume of 4,553,254 shares, compared to its average volume of 1,870,280. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The company has a market cap of $70.83 billion, a P/E ratio of 66.91, a price-to-earnings-growth ratio of 3.17 and a beta of 1.03. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The business's 50 day moving average price is $301.51 and its 200 day moving average price is $286.95.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 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 during the quarter, compared to analysts' expectations of $1.35 billion. Research analysts expect that Cadence Design Systems, Inc. will post 5.57 EPS for the current fiscal year.

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.