PFG Advisors Sells 96 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

PFG Advisors lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,588 shares of the software maker’s stock after selling 96 shares during the quarter. PFG Advisors’ holdings in Cadence Design Systems were worth $2,881,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. State Street Corp boosted its position in shares of Cadence Design Systems by 0.5% in the 3rd quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock worth $3,231,422,000 after purchasing an additional 60,490 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Cadence Design Systems by 5.3% in the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after purchasing an additional 404,076 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Cadence Design Systems by 0.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker’s stock worth $1,081,098,000 after purchasing an additional 37,452 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of Cadence Design Systems by 6.5% in the 4th quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock worth $885,356,000 after purchasing an additional 178,212 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its position in shares of Cadence Design Systems by 3.6% in the 3rd quarter. Janus Henderson Group PLC now owns 2,244,676 shares of the software maker’s stock worth $608,373,000 after purchasing an additional 77,246 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In related news, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the completion of the transaction, the vice president now owns 14,318 shares in the company, valued at $4,378,158.04. The trade was a 18.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated 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 owns 59,311 shares of the company’s stock, valued at approximately $18,080,365.24. This represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock worth $33,504,126 in the last 90 days. Corporate insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $239.22 on Thursday. The stock has a 50-day simple moving average of $284.77 and a two-hundred day simple moving average of $284.56. The firm has a market capitalization of $65.57 billion, a P/E ratio of 61.97, a PEG ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently weighed in on CDNS. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Wells Fargo & Company initiated coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target for the company. Redburn Atlantic initiated coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Finally, Loop Capital lowered their price target on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.92.

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.