Truist Financial Corp Trims Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Truist Financial Corp cut its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 25.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 100,225 shares of the software maker’s stock after selling 33,797 shares during the period. Truist Financial Corp’s holdings in Cadence Design Systems were worth $30,114,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CDNS. Creative Planning lifted its position in Cadence Design Systems by 9.1% in the third quarter. Creative Planning now owns 48,389 shares of the software maker’s stock valued at $13,115,000 after acquiring an additional 4,038 shares during the last quarter. Swedbank AB lifted its position in Cadence Design Systems by 15.1% in the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after acquiring an additional 230,672 shares during the last quarter. Venture Visionary Partners LLC raised its holdings in shares of Cadence Design Systems by 2.5% in the third quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock valued at $463,000 after buying an additional 41 shares during the last quarter. Kessler Investment Group LLC raised its holdings in shares of Cadence Design Systems by 18.4% in the third quarter. Kessler Investment Group LLC now owns 10,514 shares of the software maker’s stock valued at $2,850,000 after buying an additional 1,637 shares during the last quarter. Finally, Dock Street Asset Management Inc. raised its holdings in shares of Cadence Design Systems by 1.2% in the third quarter. Dock Street Asset Management Inc. now owns 71,898 shares of the software maker’s stock valued at $19,487,000 after buying an additional 869 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Paul Scannell sold 3,171 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the sale, the vice president now directly owns 14,318 shares in the company, valued at $4,378,158.04. This represents a 18.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the sale, the vice president now owns 60,461 shares in the company, valued at $18,512,553.59. This represents a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock worth $33,538,875 over the last ninety days. 1.99% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on CDNS. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. Mizuho upped their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Loop Capital initiated coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price for the company. Finally, Robert W. Baird increased their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. One research 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. According to MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average price target of $326.08.

Cadence Design Systems Trading Up 1.8 %

Shares of CDNS opened at $300.43 on Wednesday. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm’s 50-day moving average is $303.01 and its two-hundred day moving average is $286.80. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The firm has a market capitalization of $82.40 billion, a P/E ratio of 78.85, a PEG ratio of 3.50 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. On average, research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

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.