Affinity Capital Advisors LLC Lowers Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Affinity Capital Advisors LLC trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.8% in the 4th quarter, Holdings Channel.com reports. The firm owned 2,549 shares of the software maker’s stock after selling 308 shares during the period. Affinity Capital Advisors LLC’s holdings in Cadence Design Systems were worth $769,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Ignite Planners LLC purchased a new position in Cadence Design Systems in the 4th quarter worth approximately $205,000. Marcum Wealth LLC lifted its position in Cadence Design Systems by 4.1% in the 4th quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker’s stock valued at $337,000 after acquiring an additional 44 shares in the last quarter. Miracle Mile Advisors LLC lifted its position in Cadence Design Systems by 22.0% in the 4th quarter. Miracle Mile Advisors LLC now owns 6,824 shares of the software maker’s stock valued at $2,050,000 after acquiring an additional 1,229 shares in the last quarter. Cooper Financial Group lifted its position in Cadence Design Systems by 13.2% in the 4th quarter. Cooper Financial Group now owns 3,530 shares of the software maker’s stock valued at $1,061,000 after acquiring an additional 413 shares in the last quarter. Finally, Wedmont Private Capital lifted its position in Cadence Design Systems by 0.8% in the 4th quarter. Wedmont Private Capital now owns 8,486 shares of the software maker’s stock valued at $2,537,000 after acquiring an additional 68 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the sale, the vice president now owns 59,311 shares of the company’s stock, valued at $18,080,365.24. The trade was a 1.08 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 108,416 shares of company stock worth $33,528,267. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Up 0.6 %

NASDAQ:CDNS opened at $294.19 on Wednesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The firm has a market capitalization of $80.69 billion, a price-to-earnings ratio of 77.22, a price-to-earnings-growth ratio of 4.16 and a beta of 1.04. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The business has a fifty day moving average price of $304.32 and a 200-day moving average price of $285.20.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. Cadence Design Systems’s revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.01 EPS. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Wells Fargo & Company assumed coverage on Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective on the stock. Oppenheimer assumed coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective on the stock. Redburn Atlantic began coverage on Cadence Design Systems in a research report on Monday. They issued a “buy” rating and a $350.00 price objective on the stock. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Finally, Berenberg Bank began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $329.50.

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.