Wealth Architects LLC Sells 55 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Wealth Architects LLC lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,367 shares of the software maker’s stock after selling 55 shares during the period. Wealth Architects LLC’s holdings in Cadence Design Systems were worth $411,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. raised its stake in shares of Cadence Design Systems by 10.7% in the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock valued at $672,300,000 after acquiring an additional 216,075 shares during the last quarter. Pittenger & Anderson Inc. increased its holdings in shares of Cadence Design Systems by 50.1% in the fourth quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock valued at $1,589,000 after purchasing an additional 1,766 shares in the last quarter. Meridiem Investment Management Ltd. increased its holdings in shares of Cadence Design Systems by 64.3% in the fourth quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock valued at $235,625,000 after purchasing an additional 306,887 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Cadence Design Systems by 132.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after purchasing an additional 79,268 shares in the last quarter. Finally, Avanza Fonder AB acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $6,046,000. Institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO John M. Wall sold 4,224 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the transaction, the chief financial officer now owns 29,248 shares in the company, valued at approximately $9,038,509.44. The trade was a 12.62 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 105,245 shares of company stock worth $32,534,498. Insiders own 0.62% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Piper Sandler raised their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Loop Capital lowered their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Robert W. Baird lowered their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, Rosenblatt Securities lifted their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.92.

Cadence Design Systems Trading Up 2.4 %

Shares of NASDAQ:CDNS opened at $247.43 on Monday. The stock has a market capitalization of $67.82 billion, a PE ratio of 64.10, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The company’s 50-day moving average price is $282.52 and its two-hundred day moving average price is $284.37. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

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 the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

About Cadence Design Systems

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.