Paradiem LLC Sells 6,002 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Paradiem LLC trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 28.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,036 shares of the software maker's stock after selling 6,002 shares during the quarter. Paradiem LLC's holdings in Cadence Design Systems were worth $4,095,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Dohj LLC bought a new position in Cadence Design Systems in the fourth quarter valued at approximately $359,000. Headlands Technologies LLC lifted its position in shares of Cadence Design Systems by 297.8% in the fourth quarter. Headlands Technologies LLC now owns 4,610 shares of the software maker's stock valued at $1,256,000 after buying an additional 3,451 shares during the last quarter. Truist Financial Corp lifted its position in shares of Cadence Design Systems by 4.5% in the fourth quarter. Truist Financial Corp now owns 279,780 shares of the software maker's stock valued at $76,204,000 after buying an additional 12,129 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich lifted its position in shares of Cadence Design Systems by 1.9% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 760,492 shares of the software maker's stock valued at $207,135,000 after buying an additional 14,500 shares during the last quarter. Finally, VCI Wealth Management LLC acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $233,000. 84.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,454 shares of Cadence Design Systems stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the completion of the transaction, the chief executive officer now directly owns 136,455 shares of the company's stock, valued at approximately $41,468,674.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Anirudh Devgan sold 1,454 shares of Cadence Design Systems stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the transaction, the chief executive officer now owns 136,455 shares in the company, valued at approximately $41,468,674.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO John M. Wall sold 2,700 shares of Cadence Design Systems stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $299.00, for a total value of $807,300.00. Following the completion of the transaction, the chief financial officer now owns 76,552 shares in the company, valued at approximately $22,889,048. The disclosure for this sale can be found here. Insiders sold 173,044 shares of company stock valued at $52,231,207 in the last three months. Corporate insiders own 1.99% of the company's stock.

Cadence Design Systems Price Performance

NASDAQ CDNS traded up $5.33 during midday trading on Friday, hitting $282.41. The company had a trading volume of 2,141,655 shares, compared to its average volume of 1,576,006. The company has a market capitalization of $76.85 billion, a PE ratio of 73.54, a P/E/G ratio of 3.32 and a beta of 1.04. The company has a current ratio of 1.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.08. The firm has a 50-day moving average price of $303.85 and a 200-day moving average price of $281.61. Cadence Design Systems, Inc. has a twelve month low of $198.92 and a twelve month high of $327.36.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. The firm had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company's quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.02 EPS. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CDNS. Needham & Company LLC reaffirmed a "buy" rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research report on Friday, April 19th. Wells Fargo & Company raised their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company an "overweight" rating in a research report on Tuesday, April 16th. Morgan Stanley raised Cadence Design Systems from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Robert W. Baird lifted their price target on Cadence Design Systems from $302.00 to $322.00 and gave the stock an "outperform" rating in a report on Thursday, April 18th. Finally, Piper Sandler dropped their price target on Cadence Design Systems from $334.00 to $318.00 and set a "neutral" rating for the company in a report on Tuesday, April 23rd. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $326.11.

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.