Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Dakota Wealth Management

Dakota Wealth Management cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,522 shares of the software maker’s stock after selling 122 shares during the quarter. Dakota Wealth Management’s holdings in Cadence Design Systems were worth $758,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Van ECK Associates Corp boosted its holdings in shares of Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after acquiring an additional 572,251 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after purchasing an additional 501,833 shares in the last quarter. Meridiem Investment Management Ltd. acquired a new position in Cadence Design Systems during the 3rd quarter worth approximately $129,285,000. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Cadence Design Systems by 48.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after buying an additional 310,250 shares in the last quarter. Finally, Impax Asset Management Group plc lifted its holdings in shares of Cadence Design Systems by 20.9% in the 3rd quarter. Impax Asset Management Group plc now owns 1,374,531 shares of the software maker’s stock valued at $371,719,000 after buying an additional 237,495 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of recent analyst reports. Needham & Company LLC dropped their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Loop Capital assumed coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective on the stock. Mizuho upped their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Finally, Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $329.50.

Cadence Design Systems Stock Down 1.2 %

Shares of NASDAQ:CDNS opened at $320.48 on Friday. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $87.90 billion, a P/E ratio of 84.12, a P/E/G ratio of 3.70 and a beta of 1.04. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The stock’s fifty day simple moving average is $305.52 and its 200-day simple moving average is $285.33.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.01 EPS. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the sale, the vice president now owns 61,111 shares of the company’s stock, valued at $16,866,636. This trade represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 108,416 shares of company stock valued at $33,528,267. Company insiders own 1.99% of the company’s stock.

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.