Ritholtz Wealth Management Lowers Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ritholtz Wealth Management decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,819 shares of the software maker’s stock after selling 334 shares during the quarter. Ritholtz Wealth Management’s holdings in Cadence Design Systems were worth $847,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in CDNS. Missouri Trust & Investment Co bought a new stake in shares of Cadence Design Systems in the third quarter worth approximately $27,000. MidAtlantic Capital Management Inc. purchased a new stake in Cadence Design Systems in the third quarter worth approximately $28,000. Versant Capital Management Inc raised its stake 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 valued at $42,000 after buying an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC lifted its holdings in shares of 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 valued at $45,000 after buying an additional 60 shares during the period. Finally, Meeder Asset Management Inc. boosted its stake in shares of Cadence Design Systems by 30.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after buying an additional 47 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of research reports. Loop Capital started coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price objective for the company. Oppenheimer assumed coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective on the stock. Mizuho upped their target price 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. Needham & Company LLC dropped their price target 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. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $329.50.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the completion of the sale, the vice president now directly owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. The trade was a 1.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Scannell sold 3,171 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the transaction, the vice president now directly owns 14,318 shares in the company, valued at $4,378,158.04. This represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 108,416 shares of company stock valued at $33,528,267. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Trading Up 2.2 %

Shares of CDNS stock opened at $305.60 on Monday. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The stock’s 50-day moving average price is $304.43 and its 200-day moving average price is $284.94. The stock has a market capitalization of $83.81 billion, a price-to-earnings ratio of 80.21, a price-to-earnings-growth ratio of 3.44 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the firm posted $1.01 earnings per share. Cadence Design Systems’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 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.