Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Trifecta Capital Advisors LLC

Trifecta Capital Advisors LLC cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 15.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,845 shares of the software maker’s stock after selling 325 shares during the quarter. Trifecta Capital Advisors LLC’s holdings in Cadence Design Systems were worth $574,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CDNS. Norges Bank acquired a new stake in Cadence Design Systems in the 4th quarter valued at approximately $1,141,059,000. Nordea Investment Management AB increased its stake in shares of Cadence Design Systems by 124.8% during the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after acquiring an additional 1,052,228 shares during the period. Wellington Management Group LLP raised its holdings in Cadence Design Systems by 143.3% during the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after purchasing an additional 962,987 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in Cadence Design Systems by 261.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock worth $169,022,000 after purchasing an additional 448,918 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Cadence Design Systems by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock valued at $6,674,006,000 after purchasing an additional 384,637 shares during the period. Institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $309.09, for a total transaction of $463,635.00. Following the transaction, the director now directly owns 48,051 shares in the company, valued at $14,852,083.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Friday, June 14th. The shares were sold at an average price of $309.09, for a total value of $463,635.00. Following the completion of the transaction, the director now owns 48,051 shares in the company, valued at approximately $14,852,083.59. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the sale, the senior vice president now owns 21,080 shares in the company, valued at $6,544,496.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 41,134 shares of company stock worth $12,232,169. Company insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the subject of a number of recent analyst reports. KeyCorp raised their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday. Bank of America raised their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Finally, Piper Sandler reduced their price objective on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus price target of $332.78.

Cadence Design Systems Stock Performance

CDNS traded down $0.17 during trading on Friday, hitting $307.75. The stock had a trading volume of 2,312,595 shares, compared to its average volume of 1,602,099. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a 12 month low of $217.77 and a 12 month high of $328.99. The company has a 50 day simple moving average of $294.50 and a 200-day simple moving average of $293.70. The firm has a market cap of $83.84 billion, a PE ratio of 80.14, a P/E/G ratio of 3.77 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the prior year, the company earned $1.02 EPS. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. Analysts expect that Cadence Design Systems, Inc. will post 4.77 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.