CIBC Private Wealth Group LLC Decreases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

CIBC Private Wealth Group LLC lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 30.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 240,139 shares of the software maker’s stock after selling 105,753 shares during the quarter. CIBC Private Wealth Group LLC owned 0.09% of Cadence Design Systems worth $72,697,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CDNS. Golden State Wealth Management LLC purchased a new position in Cadence Design Systems in the fourth quarter valued at about $28,000. Avalon Trust Co acquired a new position in Cadence Design Systems during the fourth quarter worth $39,000. Versant Capital Management Inc boosted its position 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 worth $42,000 after purchasing an additional 87 shares in the last quarter. OFI Invest Asset Management acquired a new stake in Cadence Design Systems in the fourth quarter valued at $46,000. Finally, Prestige Wealth Management Group LLC increased its position 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 valued at $45,000 after buying an additional 60 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on 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 approximately $18,080,365.24. This trade represents a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,021 shares of company stock worth $31,229,155 in the last three months. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Price Performance

CDNS opened at $256.69 on Monday. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99. The company’s 50 day simple moving average is $274.55 and its 200 day simple moving average is $284.52. The stock has a market capitalization of $70.36 billion, a PE ratio of 66.50, a P/E/G ratio of 3.88 and a beta of 1.05. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The company 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, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of research reports. Robert W. Baird lowered their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Redburn Atlantic started coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target on the stock. Needham & Company LLC restated a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Bank of America lowered their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Finally, StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $324.83.

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.