Cadence Design Systems, Inc. (NASDAQ:CDNS) Position Reduced by Sentry Investment Management LLC

Sentry Investment Management LLC lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,134 shares of the software maker’s stock after selling 185 shares during the period. Sentry Investment Management LLC’s holdings in Cadence Design Systems were worth $341,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of CDNS. Avior Wealth Management LLC grew its holdings in Cadence Design Systems by 12.4% during the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after acquiring an additional 36 shares during the period. Dudley Capital Management LLC boosted its position in shares of Cadence Design Systems by 4.3% during the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock valued at $257,000 after purchasing an additional 39 shares in the last quarter. Falcon Wealth Planning grew its stake in shares of Cadence Design Systems by 5.1% in the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock worth $222,000 after purchasing an additional 40 shares during the last quarter. Fifth Third Wealth Advisors LLC raised its holdings in shares of Cadence Design Systems by 0.7% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after purchasing an additional 40 shares in the last quarter. Finally, Paragon Advisors LLC raised its holdings in shares of Cadence Design Systems by 0.6% in the 3rd quarter. Paragon Advisors LLC now owns 6,465 shares of the software maker’s stock worth $1,752,000 after purchasing an additional 41 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Down 1.6 %

NASDAQ:CDNS opened at $248.90 on Wednesday. The stock has a market cap of $68.26 billion, a PE ratio of 64.48, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03. 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 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The stock’s 50-day moving average is $298.08 and its two-hundred day moving average is $287.22.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 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 company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently weighed in on CDNS shares. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target on the stock. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Loop Capital decreased their price target 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. Finally, Rosenblatt Securities lifted their price target on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. One 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. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $326.92.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. The trade was a 1.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 108,416 shares of company stock valued at $33,538,875. 1.99% of the stock is owned by insiders.

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.