Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by GAM Holding AG

GAM Holding AG reduced its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.9% during the 4th quarter, Holdings Channel reports. The fund owned 22,307 shares of the software maker’s stock after selling 910 shares during the quarter. GAM Holding AG’s holdings in Cadence Design Systems were worth $6,702,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Venturi Wealth Management LLC boosted its stake in shares of Cadence Design Systems by 21.8% in the 4th quarter. Venturi Wealth Management LLC now owns 1,000 shares of the software maker’s stock valued at $300,000 after buying an additional 179 shares during the period. D.A. Davidson & CO. raised its holdings in Cadence Design Systems by 77.3% in the fourth quarter. D.A. Davidson & CO. now owns 2,915 shares of the software maker’s stock valued at $876,000 after acquiring an additional 1,271 shares in the last quarter. Empower Advisory Group LLC lifted its stake in Cadence Design Systems by 4.9% in the fourth quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock worth $263,000 after acquiring an additional 41 shares during the last quarter. CIBC Asset Management Inc grew its holdings in Cadence Design Systems by 3.7% during the 4th quarter. CIBC Asset Management Inc now owns 88,075 shares of the software maker’s stock worth $26,463,000 after acquiring an additional 3,165 shares in the last quarter. Finally, Pittenger & Anderson Inc. increased its position in shares of Cadence Design Systems by 50.1% in the 4th 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 during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, January 2nd. The stock was 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 directly owns 55,874 shares in the company, valued at $16,987,930.96. The trade was a 9.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the sale, the vice president now owns 58,773 shares in the company, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 108,416 shares of company stock valued at $33,538,875. Insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CDNS shares. Loop Capital began coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price objective for the company. Robert W. Baird upped their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Wells Fargo & Company started coverage on Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price for the company. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $326.08.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $295.19 on Tuesday. The business has a 50 day moving average price of $303.30 and a 200 day moving average price of $286.56. The company has a market capitalization of $80.96 billion, a P/E ratio of 77.48, a PEG ratio of 3.50 and a beta of 1.03. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27.

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.