Thrivent Financial for Lutherans Cuts Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Thrivent Financial for Lutherans trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.4% during the 4th quarter, Holdings Channel.com reports. The fund owned 11,608 shares of the software maker’s stock after selling 170 shares during the period. Thrivent Financial for Lutherans’ holdings in Cadence Design Systems were worth $3,488,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Golden State Wealth Management LLC purchased a new position in Cadence Design Systems in the 4th quarter worth approximately $28,000. Avalon Trust Co purchased a new position in shares of Cadence Design Systems in the fourth quarter worth $39,000. Versant Capital Management Inc boosted its position in shares of Cadence Design Systems by 164.2% during the fourth 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 grew its stake in 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 valued at $45,000 after acquiring an additional 60 shares in the last quarter. Finally, OFI Invest Asset Management bought a new stake in Cadence Design Systems in the 4th quarter valued at $46,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 2.1 %

Shares of NASDAQ:CDNS opened at $263.41 on Thursday. The firm has a market capitalization of $72.20 billion, a PE ratio of 68.24, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The business has a 50 day simple moving average of $276.25 and a two-hundred day simple moving average of $284.31. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. On average, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of research analyst reports. Loop Capital cut their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Bank of America reduced their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Piper Sandler upped their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Rosenblatt Securities boosted their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Finally, Mizuho upped their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $324.83.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the transaction, the vice president now directly owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. This trade represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $16,987,930.96. The trade was a 9.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,021 shares of company stock valued at $31,229,155 in the last 90 days. Company 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.