Chevy Chase Trust Holdings LLC Sells 9,125 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Chevy Chase Trust Holdings LLC lessened its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 566,805 shares of the software maker’s stock after selling 9,125 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Cadence Design Systems were worth $170,302,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Avior Wealth Management LLC lifted its position in shares of Cadence Design Systems by 12.4% during the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock valued at $98,000 after buying an additional 36 shares during the last quarter. Dudley Capital Management LLC boosted its stake in Cadence Design Systems by 4.3% in the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock worth $257,000 after purchasing an additional 39 shares in the last quarter. Trust Point Inc. boosted its stake in Cadence Design Systems by 2.9% in the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after purchasing an additional 40 shares in the last quarter. Falcon Wealth Planning boosted its stake in Cadence Design Systems by 5.1% in the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock worth $222,000 after purchasing an additional 40 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC boosted its stake in Cadence Design Systems by 0.7% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after purchasing an additional 40 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Activity

In other news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. The trade was a 62.51 % decrease in their position. The transaction 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, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the transaction, the vice president now directly owns 60,461 shares of the company’s stock, valued at approximately $18,512,553.59. This trade represents a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock valued at $33,538,875 in the last three months. 1.99% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of recent analyst reports. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price for the company. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 target price for the company. Mizuho lifted their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Finally, Loop Capital assumed coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $327.92.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $296.16 on Friday. 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 cap of $81.23 billion, a price-to-earnings ratio of 77.73, a price-to-earnings-growth ratio of 3.50 and a beta of 1.03. The company has a 50 day moving average price of $303.70 and a 200-day moving average price of $285.87. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99.

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.