CENTRAL TRUST Co Trims Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

CENTRAL TRUST Co cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.9% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 3,202 shares of the software maker’s stock after selling 559 shares during the quarter. CENTRAL TRUST Co’s holdings in Cadence Design Systems were worth $868,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Hennion & Walsh Asset Management Inc. grew its stake in Cadence Design Systems by 17.2% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 7,743 shares of the software maker’s stock worth $2,099,000 after acquiring an additional 1,134 shares during the period. Global Assets Advisory LLC increased its stake in Cadence Design Systems by 18.0% in the third quarter. Global Assets Advisory LLC now owns 1,420 shares of the software maker’s stock valued at $374,000 after purchasing an additional 217 shares during the last quarter. International Assets Investment Management LLC boosted its stake in Cadence Design Systems by 19,643.4% in the 3rd quarter. International Assets Investment Management LLC now owns 226,852 shares of the software maker’s stock worth $614,840,000 after buying an additional 225,703 shares during the last quarter. Monte Financial Group LLC purchased a new stake in Cadence Design Systems in the 3rd quarter valued at about $476,000. Finally, Greenleaf Trust lifted its holdings in shares of Cadence Design Systems by 8.0% during the 3rd quarter. Greenleaf Trust now owns 6,012 shares of the software maker’s stock worth $1,629,000 after acquiring an additional 445 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 2.4 %

NASDAQ:CDNS opened at $257.30 on Friday. Cadence Design Systems, Inc. has a one year low of $228.66 and a one year high of $328.99. The business’s 50-day simple moving average is $267.89 and its 200 day simple moving average is $283.26. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The stock has a market cap of $70.09 billion, a price-to-earnings ratio of 67.01, a price-to-earnings-growth ratio of 3.37 and a beta of 1.02.

Insider Buying and Selling at Cadence Design Systems

In related news, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the sale, the chief financial officer now owns 38,654 shares in the company, valued at approximately $10,278,485.14. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the transaction, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.24, for a total transaction of $414,360.00. Following the completion of the sale, the director now owns 45,051 shares in the company, valued at approximately $12,444,888.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,347 shares of company stock valued at $7,728,272 in the last three months. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of recent analyst reports. Oppenheimer assumed coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target on the stock. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research report on Tuesday, August 6th. Robert W. Baird lowered their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. Berenberg Bank assumed coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective on the stock. Finally, Mizuho assumed coverage on Cadence Design Systems in a report on Tuesday. They set an “outperform” rating and a $325.00 target price for the company. One investment 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, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus price target of $323.42.

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.