Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Empirical Asset Management LLC

Empirical Asset Management LLC lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,937 shares of the software maker’s stock after selling 268 shares during the quarter. Empirical Asset Management LLC’s holdings in Cadence Design Systems were worth $582,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Mercer Global Advisors Inc. ADV increased its position in Cadence Design Systems by 1.9% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 28,037 shares of the software maker’s stock worth $8,628,000 after purchasing an additional 536 shares in the last quarter. Blair William & Co. IL grew its stake in Cadence Design Systems by 1.7% during the second quarter. Blair William & Co. IL now owns 5,195 shares of the software maker’s stock worth $1,599,000 after buying an additional 87 shares during the period. Brighton Jones LLC increased its position in shares of Cadence Design Systems by 11.7% in the second quarter. Brighton Jones LLC now owns 876 shares of the software maker’s stock worth $270,000 after acquiring an additional 92 shares in the last quarter. Ieq Capital LLC raised its stake in shares of Cadence Design Systems by 19.3% in the 2nd quarter. Ieq Capital LLC now owns 26,271 shares of the software maker’s stock valued at $8,085,000 after acquiring an additional 4,245 shares during the period. Finally, GM Advisory Group LLC acquired a new position in shares of Cadence Design Systems during the 2nd quarter valued at $204,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the transaction, the chief executive officer now owns 55,874 shares in the company, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO John M. Wall sold 4,224 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total value of $1,305,342.72. Following 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock valued at $33,528,267 in the last quarter. Insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $305.60 on Friday. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The firm has a market cap of $83.81 billion, a P/E ratio of 80.21, a PEG ratio of 3.44 and a beta of 1.04. The stock has a fifty day moving average price of $304.43 and a two-hundred day moving average price of $285.15. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

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

Analyst Upgrades and Downgrades

A number of brokerages have commented on CDNS. Robert W. Baird boosted their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Oppenheimer initiated coverage on Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target for the company. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Needham & Company LLC decreased their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Finally, Berenberg Bank started coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $329.50.

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.