Phoenix Financial Ltd. Sells 1,053 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Phoenix Financial Ltd. decreased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 27.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 2,842 shares of the software maker's stock after selling 1,053 shares during the period. Phoenix Financial Ltd.'s holdings in Cadence Design Systems were worth $854,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Avior Wealth Management LLC lifted its holdings in Cadence Design Systems by 12.4% during the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker's stock worth $98,000 after purchasing an additional 36 shares during the last quarter. Lindbrook Capital LLC lifted its holdings in shares of Cadence Design Systems by 1.7% during the fourth quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock worth $670,000 after buying an additional 38 shares in the last quarter. Oarsman Capital Inc. boosted its position in shares of Cadence Design Systems by 3.8% in the fourth quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock valued at $313,000 after acquiring an additional 38 shares during the period. Empower Advisory Group LLC grew its stake in shares of Cadence Design Systems by 4.9% in the fourth quarter. Empower Advisory Group LLC now owns 875 shares of the software maker's stock valued at $263,000 after acquiring an additional 41 shares in the last quarter. Finally, Marcum Wealth LLC increased its position in Cadence Design Systems by 4.1% during the fourth quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker's stock worth $337,000 after acquiring an additional 44 shares during the period. 84.85% of the stock is owned by institutional investors.

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Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now directly owns 58,123 shares in the company, valued at $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last quarter, insiders have sold 1,950 shares of company stock worth $518,499. Insiders own 1.99% of the company's stock.

Cadence Design Systems Trading Up 1.4 %

NASDAQ CDNS traded up $3.75 during trading hours on Tuesday, reaching $264.31. The company's stock had a trading volume of 1,799,108 shares, compared to its average volume of 1,946,144. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. 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 stock has a market cap of $72.50 billion, a P/E ratio of 68.47, a P/E/G ratio of 3.88 and a beta of 1.14. The firm has a fifty day simple moving average of $260.59 and a 200-day simple moving average of $282.41.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly 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 business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on CDNS shares. Bank of America cut their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. Redburn Atlantic began coverage on Cadence Design Systems in a research note on Monday, January 13th. They set a "buy" rating and a $350.00 price objective on the stock. Robert W. Baird cut 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. Piper Sandler raised their price target 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. Finally, Mizuho cut their price objective on shares of Cadence Design Systems from $350.00 to $300.00 and set an "outperform" rating for the company in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Cadence Design Systems has an average rating of "Moderate Buy" and a consensus price target of $320.67.

Cadence Design Systems 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.