Schechter Investment Advisors LLC Sells 487 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Schechter Investment Advisors LLC cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.2% in the fourth quarter, Holdings Channel reports. The fund owned 4,299 shares of the software maker’s stock after selling 487 shares during the period. Schechter Investment Advisors LLC’s holdings in Cadence Design Systems were worth $1,292,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Avior Wealth Management LLC lifted its holdings in shares of Cadence Design Systems by 12.4% during the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock valued at $98,000 after acquiring an additional 36 shares during the period. Dudley Capital Management LLC raised its holdings in shares of Cadence Design Systems by 4.3% in the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock valued at $257,000 after buying an additional 39 shares during the last quarter. Falcon Wealth Planning raised its holdings in shares of Cadence Design Systems by 5.1% in the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after buying 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 third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock valued at $1,501,000 after buying an additional 40 shares during the last quarter. Finally, Paragon Advisors LLC raised its holdings in shares of Cadence Design Systems by 0.6% in the third quarter. Paragon Advisors LLC now owns 6,465 shares of the software maker’s stock valued at $1,752,000 after buying an additional 41 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CDNS has been the subject of a number of research analyst reports. Mizuho lifted their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Redburn Atlantic initiated coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. Loop Capital cut their price target on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Rosenblatt Securities lifted their price target on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, Wells Fargo & Company started coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average target price of $326.92.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the 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 sale, the vice president now directly 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 107,766 shares of company stock valued at $33,339,852. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $241.74 on Tuesday. The company has a market capitalization of $66.26 billion, a price-to-earnings ratio of 62.63, a P/E/G ratio of 3.88 and a beta of 1.03. The firm’s 50 day simple moving average is $293.85 and its 200 day simple moving average is $286.55. 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, Inc. has a fifty-two week low of $240.35 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results 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 return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. As a group, sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Cadence Design Systems 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.