Financial Counselors Inc. Has $550,000 Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Financial Counselors Inc. decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 66.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 1,832 shares of the software maker’s stock after selling 3,672 shares during the period. Financial Counselors Inc.’s holdings in Cadence Design Systems were worth $550,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new stake in shares of Cadence Design Systems in the fourth quarter worth $28,000. Avalon Trust Co acquired a new stake in Cadence Design Systems during the 4th quarter worth about $39,000. Versant Capital Management Inc boosted its position in Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after acquiring an additional 87 shares during the period. Prestige Wealth Management Group LLC increased its holdings in shares of Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after purchasing an additional 60 shares during the period. Finally, OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $46,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on CDNS. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Oppenheimer dropped their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 19th. Redburn Atlantic started coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective for the company. Mizuho upped their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Finally, Bank of America lowered their price target on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. One equities research 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.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $324.83.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems 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 sale, the vice president now directly owns 59,311 shares of the company’s stock, valued at $18,080,365.24. This trade represents a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 stock was 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 owns 55,874 shares of the company’s stock, valued at $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 101,021 shares of company stock worth $31,229,155 over the last three months. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $256.69 on Friday. The firm has a market capitalization of $70.36 billion, a PE ratio of 66.50, 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 current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The firm’s fifty day simple moving average is $274.55 and its 200 day simple moving average is $284.19.

Cadence Design Systems (NASDAQ:CDNS) last issued 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 net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

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.