Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Truist Financial Corp

Truist Financial Corp trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 25.2% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 100,225 shares of the software maker's stock after selling 33,797 shares during the period. Truist Financial Corp's holdings in Cadence Design Systems were worth $30,114,000 as of its most recent SEC filing.

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

Insider Buying and Selling at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 5,920 shares of the company's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 108,416 shares of company stock worth $33,538,875. Insiders own 1.99% of the company's stock.

Cadence Design Systems Trading Down 4.4 %

CDNS stock traded down $11.96 during trading 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 company has a market cap of $70.83 billion, a P/E ratio of 66.91, a PEG ratio of 3.17 and a beta of 1.03. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The business has a 50 day moving average of $301.51 and a 200 day moving average of $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). The company 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%. As a group, sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.57 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on CDNS. Rosenblatt Securities increased their target price 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. Robert W. Baird lowered their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating on the stock in a research note on Thursday. Redburn Atlantic began 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 target for the company. Bank of America reduced their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an "overweight" rating and a $350.00 price target for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $326.92.

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.