AlphaQuest LLC Sells 2,194 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

AlphaQuest LLC decreased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 67.7% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,048 shares of the software maker’s stock after selling 2,194 shares during the period. AlphaQuest LLC’s holdings in Cadence Design Systems were worth $315,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. MidAtlantic Capital Management Inc. bought a new stake in shares of Cadence Design Systems in the 3rd quarter valued at about $28,000. Golden State Wealth Management LLC bought a new stake in Cadence Design Systems in the fourth quarter valued at approximately $28,000. Versant Capital Management Inc raised its holdings in 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 purchasing an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC raised its holdings in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after purchasing an additional 60 shares during the last quarter. Finally, OFI Invest Asset Management acquired a new position in shares of Cadence Design Systems in the 4th quarter worth approximately $46,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Cadence Design Systems news, CFO John M. Wall sold 4,224 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the sale, the chief financial officer now directly owns 29,248 shares of the company’s stock, valued at approximately $9,038,509.44. This represents a 12.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated 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 sale, 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 disclosure for this sale can be found here. Insiders have sold 105,245 shares of company stock worth $32,534,498 over the last 90 days. 0.62% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CDNS shares. Robert W. Baird lowered their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. Rosenblatt Securities lifted their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report 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. Piper Sandler raised their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Finally, Mizuho boosted their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. One equities research 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’s stock. According to MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average target price of $326.92.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $247.43 on Friday. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The company has a fifty day simple moving average of $282.52 and a 200 day simple moving average of $284.12. Cadence Design Systems, Inc. has a 12-month low of $230.09 and a 12-month high of $328.99. The company has a market cap of $67.82 billion, a P/E ratio of 64.10, a PEG ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 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 business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

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.