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

Ithaka Group LLC lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,707 shares of the software maker’s stock after selling 1,745 shares during the quarter. Cadence Design Systems accounts for approximately 1.5% of Ithaka Group LLC’s investment portfolio, making the stock its 26th largest position. Ithaka Group LLC’s holdings in Cadence Design Systems were worth $8,325,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. MidAtlantic Capital Management Inc. bought a new position in shares of Cadence Design Systems during the 3rd quarter valued at about $28,000. Golden State Wealth Management LLC acquired a new position in Cadence Design Systems in the fourth quarter worth approximately $28,000. Versant Capital Management Inc increased its holdings in shares of Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after buying an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC lifted its position in shares of Cadence Design Systems by 56.6% during the 3rd 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 during the last quarter. Finally, OFI Invest Asset Management acquired a new position in shares of Cadence Design Systems in the 4th quarter worth $46,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Up 2.1 %

CDNS stock opened at $239.22 on Thursday. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The firm has a market cap of $65.57 billion, a PE ratio of 61.97, a PEG ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99. The company has a fifty day simple moving average of $284.77 and a 200 day simple moving average of $284.56.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the transaction, the vice president now owns 59,311 shares of the company’s stock, valued at approximately $18,080,365.24. The trade was a 1.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 value of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 108,416 shares of company stock worth $33,504,126. 0.62% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Mizuho lifted their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Piper Sandler upped their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Bank of America lowered their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Finally, Redburn Atlantic started coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $326.92.

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.