Diversified Trust Co Decreases Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Diversified Trust Co reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 86.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,545 shares of the software maker’s stock after selling 9,636 shares during the quarter. Diversified Trust Co’s holdings in Cadence Design Systems were worth $464,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Missouri Trust & Investment Co acquired a new position in shares of Cadence Design Systems during the third quarter worth $27,000. MidAtlantic Capital Management Inc. purchased a new stake in Cadence Design Systems during the 3rd quarter worth $28,000. Versant Capital Management Inc lifted its holdings in Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after buying an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC boosted its position in Cadence Design Systems by 56.6% in the 3rd 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. Finally, Meeder Asset Management Inc. grew its stake in shares of Cadence Design Systems by 30.3% during the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after acquiring an additional 47 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the transaction, the vice president now directly owns 59,311 shares in the company, valued at $18,080,365.24. This trade represents a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 109,916 shares of company stock valued at $33,953,757 in the last three months. 1.99% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CDNS. Robert W. Baird increased their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Berenberg Bank began coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target for the company. Mizuho upped their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Needham & Company LLC cut their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $327.92.

Cadence Design Systems Trading Down 1.2 %

NASDAQ:CDNS opened at $299.00 on Friday. The firm has a market capitalization of $82.00 billion, a P/E ratio of 78.48, a P/E/G ratio of 4.16 and a beta of 1.03. The business has a 50 day simple moving average of $304.20 and a 200 day simple moving average of $285.76. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the previous year, the company posted $1.01 earnings per share. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. Equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Cadence Design Systems 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.