DGS Capital Management LLC Lowers Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

DGS Capital Management LLC lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 6,166 shares of the software maker’s stock after selling 472 shares during the quarter. DGS Capital Management LLC’s holdings in Cadence Design Systems were worth $1,853,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Curated Wealth Partners LLC purchased a new stake in Cadence Design Systems during the 4th quarter worth $265,000. Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Cadence Design Systems by 26.5% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 539 shares of the software maker’s stock worth $162,000 after buying an additional 113 shares during the period. CX Institutional grew its stake in shares of Cadence Design Systems by 2.6% in the fourth quarter. CX Institutional now owns 1,791 shares of the software maker’s stock valued at $538,000 after buying an additional 46 shares in the last quarter. Zweig DiMenna Associates LLC purchased a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $9,375,000. Finally, Berbice Capital Management LLC acquired a new position in Cadence Design Systems during the 4th quarter worth approximately $65,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction 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. This trade represents a 1.06 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock worth $33,528,267 in the last ninety days. 1.99% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective on the stock. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective on the stock. Needham & Company LLC lowered their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Loop Capital began coverage on Cadence Design Systems in a report on Monday, November 11th. They set a “buy” rating and a $360.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $329.50.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $320.48 on Friday. The stock has a market capitalization of $87.89 billion, a P/E ratio of 84.12, a P/E/G ratio of 3.70 and a beta of 1.04. The firm’s 50-day moving average price is $305.52 and its two-hundred day moving average price is $285.33. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.01 EPS. As a group, sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

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.