Phoenix Financial Ltd. Decreases Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Phoenix Financial Ltd. lessened its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 27.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,842 shares of the software maker’s stock after selling 1,053 shares during the period. Phoenix Financial Ltd.’s holdings in Cadence Design Systems were worth $854,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of CDNS. Principal Financial Group Inc. boosted its holdings in shares of Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after acquiring an additional 501,833 shares during the period. M&T Bank Corp raised its stake in shares of Cadence Design Systems by 78.5% during the 3rd quarter. M&T Bank Corp now owns 35,218 shares of the software maker’s stock worth $9,546,000 after buying an additional 15,491 shares in the last quarter. Toronto Dominion Bank lifted its holdings in Cadence Design Systems by 0.8% in the third quarter. Toronto Dominion Bank now owns 150,510 shares of the software maker’s stock valued at $40,793,000 after acquiring an additional 1,129 shares during the period. Virtue Capital Management LLC acquired a new stake in shares of Cadence Design Systems in the third quarter valued at about $638,000. Finally, TD Private Client Wealth LLC grew its position in Cadence Design Systems by 5.0% during the third quarter. TD Private Client Wealth LLC now owns 17,476 shares of the software maker’s stock worth $4,737,000 after buying an additional 831 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Mizuho boosted their price objective 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. Loop Capital lowered their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Rosenblatt Securities boosted their price target on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Finally, Robert W. Baird reduced their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $324.83.

Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the sale, the vice president now directly owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 1,950 shares of company stock worth $518,499 in the last ninety days. 1.99% of the stock is owned by insiders.

Cadence Design Systems Stock Down 4.0 %

Shares of Cadence Design Systems stock opened at $254.02 on Friday. The company has a fifty day moving average price of $262.24 and a 200 day moving average price of $282.53. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $328.99. The stock has a market cap of $69.68 billion, a price-to-earnings ratio of 65.81, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal 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.