Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Daiwa Securities Group Inc.

Daiwa Securities Group Inc. reduced its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.4% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 105,462 shares of the software maker’s stock after selling 12,246 shares during the period. Daiwa Securities Group Inc.’s holdings in Cadence Design Systems were worth $31,687,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Golden State Wealth Management LLC purchased a new stake in shares of Cadence Design Systems in the fourth quarter valued at $28,000. Missouri Trust & Investment Co purchased a new stake in Cadence Design Systems in the 3rd quarter valued at about $27,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Cadence Design Systems during the 3rd quarter valued at about $28,000. Versant Capital Management Inc lifted its holdings in shares of Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after acquiring an additional 87 shares during the period. Finally, OFI Invest Asset Management acquired a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $46,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Bank of America cut their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Rosenblatt Securities boosted their price target on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Robert W. Baird reduced their price objective on 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. Finally, Piper Sandler increased their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $326.92.

Cadence Design Systems Trading Up 0.0 %

NASDAQ CDNS opened at $243.21 on Monday. The company’s fifty day simple moving average is $288.68 and its 200-day simple moving average is $285.45. The stock has a market cap of $66.67 billion, a P/E ratio of 63.01, a PEG ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 52 week low of $233.72 and a 52 week high of $328.99. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data 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). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, VP Paul Scannell sold 3,171 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the sale, the vice president now owns 14,318 shares in the company, valued at approximately $4,378,158.04. This represents a 18.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock worth $33,504,126 in the last three months. 1.99% of the stock is owned by insiders.

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.