Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Paradiem LLC

Paradiem LLC cut its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 28.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 quarter.

Several other large investors have also modified their holdings of CDNS. OFI Invest Asset Management acquired a new stake in shares of Cadence Design Systems in the third quarter valued at approximately $26,000. Valley National Advisers Inc. grew its position in shares of Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after purchasing an additional 47 shares during the last quarter. Fortitude Family Office LLC acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $28,000. Rakuten Securities Inc. acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $45,000. Finally, Catalyst Capital Advisors LLC grew its position in shares of Cadence Design Systems by 34.7% in the third quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock valued at $47,000 after purchasing an additional 52 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the transaction, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the sale, the director now owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 173,044 shares of company stock valued at $52,231,207. Company insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. KeyCorp raised their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Wells Fargo & Company raised their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Monday, April 22nd. Piper Sandler decreased their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Finally, StockNews.com upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Wednesday. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $326.11.

Cadence Design Systems Trading Up 1.9 %

NASDAQ:CDNS traded up $5.33 during trading hours on Friday, reaching $282.41. 2,141,655 shares of the company were exchanged, compared to its average volume of 1,576,006. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.13. The firm has a market cap of $76.85 billion, a price-to-earnings ratio of 73.54, a PEG ratio of 3.32 and a beta of 1.04. Cadence Design Systems, Inc. has a 52-week low of $198.92 and a 52-week high of $327.36. The stock has a 50 day simple moving average of $303.85 and a 200 day simple moving average of $281.40.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same quarter last year, the firm posted $1.02 earnings per share. Cadence Design Systems’s revenue was down 1.2% on a year-over-year basis. As a group, analysts predict that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

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.