Twin Capital Management Inc. Sells 358 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Twin Capital Management Inc. lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.0% during the fourth quarter, Holdings Channel.com reports. The firm owned 17,791 shares of the software maker’s stock after selling 358 shares during the period. Twin Capital Management Inc.’s holdings in Cadence Design Systems were worth $4,846,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in CDNS. Cibc World Market Inc. lifted its position in shares of Cadence Design Systems by 2.7% during the 1st quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker’s stock worth $3,541,000 after buying an additional 571 shares in the last quarter. Prudential PLC purchased a new stake in Cadence Design Systems during the first quarter worth about $1,160,000. Loomis Sayles & Co. L P boosted its stake in Cadence Design Systems by 1,030.1% in the first quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker’s stock valued at $457,000 after acquiring an additional 2,534 shares during the last quarter. Zions Bancorporation N.A. grew its position in shares of Cadence Design Systems by 108.3% during the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after acquiring an additional 117 shares during the period. Finally, NewEdge Advisors LLC raised its holdings in shares of Cadence Design Systems by 26.8% in the 1st quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock worth $2,669,000 after purchasing an additional 3,433 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the transaction, the director now directly owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the completion of the transaction, the director now directly owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the sale, the vice president now directly owns 61,150 shares in the company, valued at $18,583,485. The disclosure for this sale can be found here. Insiders have sold 177,544 shares of company stock valued at $53,581,207 over the last ninety days. 1.99% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CDNS. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Wednesday, March 6th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday. Piper Sandler initiated coverage on Cadence Design Systems in a research report on Thursday, April 4th. They issued a “neutral” rating and a $334.00 price objective on the stock. Rosenblatt Securities lowered Cadence Design Systems from a “buy” rating to a “neutral” rating and upped their target price for the stock from $265.00 to $280.00 in a research note on Tuesday, February 13th. Finally, Stifel Nicolaus boosted their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $318.10.

Cadence Design Systems Trading Down 2.9 %

CDNS traded down $8.48 on Thursday, hitting $285.23. 1,371,572 shares of the company were exchanged, compared to its average volume of 1,471,943. The stock has a market capitalization of $77.65 billion, a PE ratio of 76.89, a price-to-earnings-growth ratio of 3.65 and a beta of 1.04. Cadence Design Systems, Inc. has a 12 month low of $194.01 and a 12 month high of $327.36. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. The firm has a fifty day simple moving average of $306.58 and a two-hundred day simple moving average of $279.35.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.05. The company had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The firm’s revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.75 EPS. Sell-side analysts expect that Cadence Design Systems, Inc. will post 4.82 earnings per share for the current year.

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.