Captrust Financial Advisors Sells 8,859 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Captrust Financial Advisors cut its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 40.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,845 shares of the software maker's stock after selling 8,859 shares during the period. Captrust Financial Advisors' holdings in Cadence Design Systems were worth $3,860,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its holdings in shares of Cadence Design Systems by 10.7% during the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker's stock valued at $672,300,000 after purchasing an additional 216,075 shares during the period. Pittenger & Anderson Inc. boosted its position in shares of Cadence Design Systems by 50.1% in the fourth quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker's stock worth $1,589,000 after buying an additional 1,766 shares during the period. Meridiem Investment Management Ltd. boosted its position in Cadence Design Systems by 64.3% during the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker's stock worth $235,625,000 after acquiring an additional 306,887 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of Cadence Design Systems by 132.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker's stock valued at $41,850,000 after buying an additional 79,268 shares in the last quarter. Finally, Avanza Fonder AB acquired a new position in shares of Cadence Design Systems during the 4th quarter worth $6,046,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, VP Paul Scannell sold 4,710 shares of Cadence Design Systems stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total value of $1,413,000.00. Following the transaction, the vice president now owns 28,442 shares in the company, valued at approximately $8,532,600. This trade represents a 14.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the transaction, the chief executive officer now owns 209,548 shares in the company, valued at approximately $64,959,880. The trade was a 4.87% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,577 shares of company stock valued at $5,316,411. Insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Up 2.2%

Cadence Design Systems stock traded up $6.89 during midday trading on Tuesday, reaching $318.66. The stock had a trading volume of 1,707,090 shares, compared to its average volume of 1,972,965. The firm's fifty day simple moving average is $265.68 and its 200-day simple moving average is $285.37. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99. The stock has a market capitalization of $87.01 billion, a P/E ratio of 82.55, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business's revenue was up 23.1% compared to the same quarter last year. During the same period last year, the company earned $1.17 earnings per share. As a group, analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CDNS shares. Robert W. Baird boosted their target price on Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. 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. Piper Sandler upped their price target on Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research report on Wednesday, February 19th. Mizuho increased their target price on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Finally, Rosenblatt Securities upped their price target on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research note on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and a consensus price target of $322.54.

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.