Wells Fargo & Company MN Sells 74,193 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Wells Fargo & Company MN trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 548,385 shares of the software maker’s stock after selling 74,193 shares during the period. Wells Fargo & Company MN owned approximately 0.20% of Cadence Design Systems worth $164,768,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Golden State Wealth Management LLC bought a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $28,000. Avalon Trust Co bought a new stake in Cadence Design Systems during the 4th quarter valued at $39,000. Versant Capital Management Inc raised its holdings 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 buying an additional 87 shares during the last quarter. OFI Invest Asset Management acquired a new position in Cadence Design Systems during the fourth quarter worth $46,000. Finally, Prestige Wealth Management Group LLC grew its holdings in shares of Cadence Design Systems by 56.6% during 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 during the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 93,151 shares of the company’s 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 sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the completion of the transaction, the vice president now owns 108,799 shares of the company’s stock, valued at $27,486,979.36. This represents a 0.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 95,101 shares of company stock worth $29,395,309. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Price Performance

CDNS opened at $232.88 on Friday. The firm has a market cap of $63.88 billion, a P/E ratio of 60.33, a PEG 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, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $328.99. The firm has a 50-day moving average of $268.08 and a 200 day moving average of $283.75.

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 return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. On average, research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Piper Sandler upped their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Robert W. Baird dropped their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Mizuho lifted their target price 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. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Finally, Oppenheimer cut their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a report on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company presently 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.