Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Diversified Trust Co

Diversified Trust Co lowered its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 86.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,545 shares of the software maker’s stock after selling 9,636 shares during the quarter. Diversified Trust Co’s holdings in Cadence Design Systems were worth $464,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Missouri Trust & Investment Co acquired a new position in Cadence Design Systems in the third quarter worth approximately $27,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Cadence Design Systems during the 3rd quarter worth $28,000. Versant Capital Management Inc grew its holdings in shares of Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after acquiring an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC raised its position in shares of 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. Finally, Meeder Asset Management Inc. lifted its holdings in shares of Cadence Design Systems by 30.3% during the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after purchasing an additional 47 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Down 1.2 %

CDNS opened at $299.00 on Friday. The company has a market capitalization of $82.00 billion, a PE ratio of 78.48, a price-to-earnings-growth ratio of 4.16 and a beta of 1.03. The business has a 50-day moving average of $304.20 and a 200-day moving average of $285.76. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS) last posted 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. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the previous year, the company earned $1.01 earnings per share. The company’s revenue was up 18.8% compared to the same quarter last year. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have issued reports on the company. Mizuho boosted their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Needham & Company LLC reduced their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Oppenheimer initiated coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. Robert W. Baird raised their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Finally, Wells Fargo & Company assumed coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $327.92.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the sale, the vice president now directly owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. This represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 109,916 shares of company stock worth $33,953,757. Corporate insiders own 1.99% of the company’s stock.

About Cadence Design Systems

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.