Shell Asset Management Co. cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 2.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 50,443 shares of the software maker's stock after selling 1,273 shares during the quarter. Cadence Design Systems comprises 0.7% of Shell Asset Management Co.'s investment portfolio, making the stock its 20th largest holding. Shell Asset Management Co.'s holdings in Cadence Design Systems were worth $15,156,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Fifth Third Wealth Advisors LLC increased its position in shares of Cadence Design Systems by 4.2% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 5,773 shares of the software maker's stock valued at $1,735,000 after purchasing an additional 234 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Cadence Design Systems by 0.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 243,187 shares of the software maker's stock valued at $73,068,000 after purchasing an additional 1,989 shares during the period. Park Avenue Securities LLC increased its position in shares of Cadence Design Systems by 17.7% during the fourth quarter. Park Avenue Securities LLC now owns 22,427 shares of the software maker's stock valued at $6,738,000 after purchasing an additional 3,366 shares during the period. Redhawk Wealth Advisors Inc. increased its position in shares of Cadence Design Systems by 4.6% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 11,565 shares of the software maker's stock valued at $3,475,000 after purchasing an additional 509 shares during the period. Finally, Sendero Wealth Management LLC increased its position in shares of Cadence Design Systems by 25.0% during the fourth quarter. Sendero Wealth Management LLC now owns 6,477 shares of the software maker's stock valued at $1,946,000 after purchasing an additional 1,296 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Cadence Design Systems
In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the completion of the sale, the director now directly owns 7,411 shares in the company, valued at $2,038,025. This represents a 2.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the sale, the chief executive officer now owns 209,548 shares of the company's stock, valued at $64,959,880. This trade represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,577 shares of company stock valued at $5,316,411. 1.99% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
A number of analysts have recently issued reports on the company. Loop Capital lowered their price objective on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. StockNews.com cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Bank of America upped their price target on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. 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. Finally, Mizuho upped their price target on Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $325.23.
Check Out Our Latest Analysis on CDNS
Cadence Design Systems Trading Down 0.4%
Shares of CDNS traded down $1.26 during trading hours on Monday, hitting $320.30. 1,509,438 shares of the stock traded hands, compared to its average volume of 1,975,588. 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 $221.56 and a 1-year high of $328.99. The firm has a market capitalization of $87.46 billion, a PE ratio of 82.98, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. The business has a fifty day moving average of $272.16 and a 200-day moving average of $286.60.
Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the firm posted $1.17 earnings per share. The firm's revenue for the quarter was up 23.1% compared to the same quarter last year. Analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.
About Cadence Design Systems
(
Free Report)
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.
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