Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Emerald Advisers LLC

Emerald Advisers LLC lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 56.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,517 shares of the software maker’s stock after selling 2,003 shares during the period. Emerald Advisers LLC’s holdings in Cadence Design Systems were worth $456,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Golden State Wealth Management LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter valued at $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 lifted its stake in Cadence Design Systems by 164.2% during 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 boosted its holdings in shares of Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after buying an additional 60 shares during the period. Finally, OFI Invest Asset Management purchased a new position in shares of Cadence Design Systems in the fourth quarter worth approximately $46,000. 84.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CDNS has been the subject of several research analyst reports. Rosenblatt Securities upped their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Bank of America decreased their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Mizuho upped their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Piper Sandler increased their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Finally, StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $324.83.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the transaction, the vice president now directly owns 58,123 shares in the company, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 101,021 shares of company stock valued at $31,229,155. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $262.42 on Monday. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $71.93 billion, a PE ratio of 67.98, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 12-month low of $230.09 and a 12-month high of $328.99. The company has a 50 day moving average price of $278.01 and a two-hundred day moving average price of $284.19.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data 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). The business had revenue of $1.36 billion during 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%. As a group, equities analysts predict 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.