Chevy Chase Trust Holdings LLC Sells 9,125 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Chevy Chase Trust Holdings LLC reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 566,805 shares of the software maker’s stock after selling 9,125 shares during the quarter. Chevy Chase Trust Holdings LLC owned 0.21% of Cadence Design Systems worth $170,302,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. 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. bought a new stake in shares of Cadence Design Systems in the third quarter worth approximately $28,000. Golden State Wealth Management LLC bought a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $28,000. Versant Capital Management Inc grew its stake in shares of Cadence Design Systems by 164.2% in the fourth 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, Prestige Wealth Management Group LLC grew its stake in shares of Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after acquiring an additional 60 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total value of $199,023.50. Following the transaction, the vice president now owns 60,461 shares of the company’s stock, valued at approximately $18,512,553.59. The trade was a 1.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction on Monday, January 6th. The stock was 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 in the company, valued at $17,320,940. This represents a 62.51 % 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 $33,538,875. 1.99% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of research reports. Robert W. Baird raised their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective on the stock. Mizuho raised their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report 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 company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $327.92.

Cadence Design Systems Price Performance

CDNS stock opened at $296.16 on Friday. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The company’s fifty day moving average price is $303.70 and its 200-day moving average price is $285.87. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The company has a market capitalization of $81.23 billion, a PE ratio of 77.73, a price-to-earnings-growth ratio of 3.50 and a beta of 1.03.

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.