Crossmark Global Holdings Inc. Sells 22,171 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Crossmark Global Holdings Inc. reduced its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 54.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 18,730 shares of the software maker’s stock after selling 22,171 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Cadence Design Systems were worth $5,764,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Legacy Capital Wealth Partners LLC acquired a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $244,000. Gilbert & Cook Inc. increased its position in Cadence Design Systems by 8.3% during the 4th quarter. Gilbert & Cook Inc. now owns 3,619 shares of the software maker’s stock worth $986,000 after buying an additional 278 shares during the period. Kestra Private Wealth Services LLC lifted its holdings in shares of Cadence Design Systems by 29.8% during the fourth quarter. Kestra Private Wealth Services LLC now owns 11,867 shares of the software maker’s stock worth $3,232,000 after buying an additional 2,721 shares in the last quarter. Penobscot Investment Management Company Inc. boosted its holdings in Cadence Design Systems by 76.5% in the 4th quarter. Penobscot Investment Management Company Inc. now owns 8,400 shares of the software maker’s stock valued at $2,288,000 after purchasing an additional 3,640 shares during the period. Finally, Norden Group LLC acquired a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $206,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CDNS shares. Robert W. Baird dropped their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Finally, Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research note on Tuesday, August 6th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $334.56.

Cadence Design Systems Trading Up 1.2 %

Cadence Design Systems stock traded up $3.30 during trading hours on Friday, reaching $268.93. 2,021,738 shares of the company’s stock were exchanged, compared to its average volume of 1,715,429. Cadence Design Systems, Inc. has a twelve month low of $227.05 and a twelve month high of $328.99. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $73.26 billion, a PE ratio of 70.03, a PEG ratio of 3.14 and a beta of 1.03. The firm’s 50 day simple moving average is $284.47 and its 200 day simple moving average is $294.25.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the business posted $0.94 EPS. Research analysts predict that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current year.

Insider Buying and Selling

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO John M. Wall sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the sale, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $309.09, for a total value of $463,635.00. Following the completion of the transaction, the director now owns 48,051 shares in the company, valued at approximately $14,852,083.59. The disclosure for this sale can be found here. Insiders have sold a total of 70,397 shares of company stock worth $20,464,944 in the last ninety days. Corporate insiders own 1.99% of the company’s stock.

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.