TD Private Client Wealth LLC Sells 4,386 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

TD Private Client Wealth LLC decreased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 25.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,090 shares of the software maker's stock after selling 4,386 shares during the quarter. TD Private Client Wealth LLC's holdings in Cadence Design Systems were worth $3,933,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in CDNS. State Street Corp increased its position in Cadence Design Systems by 0.5% in the third quarter. State Street Corp now owns 11,922,747 shares of the software maker's stock worth $3,231,422,000 after buying an additional 60,490 shares in the last quarter. Jennison Associates LLC increased its holdings in Cadence Design Systems by 5.3% in the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker's stock worth $2,406,760,000 after acquiring an additional 404,076 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Cadence Design Systems by 0.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker's stock worth $1,081,098,000 after acquiring an additional 37,452 shares during the period. Nordea Investment Management AB lifted its holdings in Cadence Design Systems by 6.5% during the fourth quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker's stock valued at $885,356,000 after purchasing an additional 178,212 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its position in shares of Cadence Design Systems by 3.6% in the third quarter. Janus Henderson Group PLC now owns 2,244,676 shares of the software maker's stock worth $608,373,000 after purchasing an additional 77,246 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Remove Ads

Cadence Design Systems Price Performance

Shares of CDNS stock traded down $5.70 on Wednesday, reaching $263.41. The company's stock had a trading volume of 1,394,782 shares, compared to its average volume of 1,807,191. The company has a market capitalization of $72.20 billion, a price-to-earnings ratio of 68.24, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The stock's fifty day simple moving average is $277.00 and its 200-day simple moving average is $284.46. 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 1 year low of $230.09 and a 1 year high of $328.99.

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

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the transaction, the vice president now owns 59,311 shares of the company's stock, valued at approximately $18,080,365.24. The trade was a 1.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the firm's stock in a transaction 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,021 shares of company stock worth $31,229,155 over the last ninety days. Company insiders own 1.99% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. StockNews.com cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Oppenheimer lowered their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 19th. Rosenblatt Securities increased their target price on Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Mizuho boosted their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a report on Friday, December 13th. Finally, Robert W. Baird cut their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a report on Thursday, February 20th. One 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, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $324.83.

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.