Flagship Harbor Advisors LLC cut its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 7.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 890 shares of the software maker’s stock after selling 70 shares during the period. Flagship Harbor Advisors LLC’s holdings in Cadence Design Systems were worth $267,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Missouri Trust & Investment Co bought a new stake in shares of Cadence Design Systems in the 3rd quarter worth about $27,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Cadence Design Systems during the 3rd quarter worth about $28,000. Versant Capital Management Inc boosted its stake in shares of Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after purchasing an additional 87 shares during the period. Prestige Wealth Management Group LLC boosted its stake in shares of Cadence Design Systems by 56.6% during the 3rd 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. boosted its stake in shares of Cadence Design Systems by 30.3% during the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after purchasing an additional 47 shares during the period. 84.85% of the stock is currently owned by institutional investors.
Cadence Design Systems Trading Down 3.1 %
Shares of Cadence Design Systems stock opened at $289.88 on Thursday. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The firm has a market capitalization of $79.50 billion, a price-to-earnings ratio of 76.08, a PEG ratio of 3.70 and a beta of 1.04. The firm’s 50 day simple moving average is $306.04 and its two-hundred day simple moving average is $284.61.
Analyst Ratings Changes
A number of equities analysts recently commented on the stock. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target for the company. StockNews.com raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Wednesday. Needham & Company LLC lowered their price objective 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. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Finally, Loop Capital initiated coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 price objective for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average target price of $329.50.
Get Our Latest Stock Analysis on Cadence Design Systems
Insider Activity
In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Friday, November 1st. The shares were 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 sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction on 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 sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock valued at $33,528,267 in the last ninety days. 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.
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