Global Retirement Partners LLC Sells 2,519 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Global Retirement Partners LLC decreased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 13.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 16,005 shares of the software maker’s stock after selling 2,519 shares during the period. Global Retirement Partners LLC’s holdings in Cadence Design Systems were worth $4,809,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in CDNS. Missouri Trust & Investment Co bought a new stake in Cadence Design Systems in the third quarter worth about $27,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Cadence Design Systems in the third quarter worth about $28,000. Golden State Wealth Management LLC purchased a new position in shares of Cadence Design Systems in the fourth quarter worth about $28,000. Versant Capital Management Inc increased its stake in shares of Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after purchasing an additional 87 shares in the last quarter. Finally, Prestige Wealth Management Group LLC increased its stake in shares of Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after purchasing an additional 60 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CDNS. 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 research note on Wednesday. Piper Sandler lifted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 target price for the company. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price for the company. Finally, StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $327.33.

Cadence Design Systems Trading Down 8.8 %

Shares of Cadence Design Systems stock opened at $274.04 on Thursday. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The firm has a market cap of $75.16 billion, a PE ratio of 71.93, a PEG ratio of 3.41 and a beta of 1.03. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The company has a 50 day simple moving average of $302.96 and a two-hundred day simple moving average of $287.16.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (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%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was 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 of the company’s stock, valued at approximately $18,512,553.59. The trade was a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,416 shares of company stock worth $33,538,875. 0.62% of the stock is currently owned by insiders.

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.