Sei Investments Co. Sells 11,626 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sei Investments Co. trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 3.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 310,130 shares of the software maker's stock after selling 11,626 shares during the period. Sei Investments Co. owned about 0.11% of Cadence Design Systems worth $93,173,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Golden State Wealth Management LLC acquired a new stake in Cadence Design Systems in the 4th quarter valued at about $28,000. Avalon Trust Co acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $39,000. Versant Capital Management Inc boosted its stake in shares of Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock worth $42,000 after acquiring an additional 87 shares during the period. OFI Invest Asset Management acquired a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $46,000. Finally, Prestige Wealth Management Group LLC raised its stake in Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock valued at $45,000 after acquiring an additional 60 shares during the period. Institutional investors own 84.85% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CDNS shares. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a "buy" rating and a $350.00 price objective for the company. StockNews.com cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Mizuho boosted their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research report on Friday, December 13th. Loop Capital lowered their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. Finally, Piper Sandler boosted their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of "Moderate Buy" and a consensus target price of $324.83.

Remove Ads

Cadence Design Systems Trading Down 0.3 %

CDNS stock traded down $0.87 during trading on Thursday, hitting $262.54. The company had a trading volume of 1,349,771 shares, compared to its average volume of 1,807,734. The stock has a market cap of $71.96 billion, a PE ratio of 68.02, a PEG ratio of 3.88 and a beta of 1.05. The business has a 50-day moving average of $276.25 and a 200-day moving average of $284.31. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced 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). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Anirudh Devgan sold 93,151 shares of the business'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 transaction, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction 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 owns 58,123 shares in the company, valued at $14,689,425.79. This trade represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,021 shares of company stock worth $31,229,155 in the last quarter. Insiders own 1.99% of the company's stock.

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.