Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Position Cut by Schechter Investment Advisors LLC

Schechter Investment Advisors LLC lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,299 shares of the software maker’s stock after selling 487 shares during the period. Schechter Investment Advisors LLC’s holdings in Cadence Design Systems were worth $1,292,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. State Street Corp boosted its position in shares of Cadence Design Systems by 0.5% during the 3rd quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock valued at $3,231,422,000 after purchasing an additional 60,490 shares in the last quarter. Jennison Associates LLC lifted its position in shares of Cadence Design Systems by 5.3% in the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after purchasing an additional 404,076 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Cadence Design Systems by 0.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker’s stock worth $1,081,098,000 after purchasing an additional 37,452 shares in the last quarter. Nordea Investment Management AB raised its position in Cadence Design Systems by 6.5% during the fourth quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock valued at $885,356,000 after acquiring an additional 178,212 shares in the last quarter. Finally, Janus Henderson Group PLC raised its position in Cadence Design Systems by 3.6% during the third quarter. Janus Henderson Group PLC now owns 2,244,676 shares of the software maker’s stock valued at $608,373,000 after acquiring an additional 77,246 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction 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 sale, the chief executive officer now owns 55,874 shares in the company, valued at $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the sale, the vice president now owns 59,311 shares in the company, valued at $18,080,365.24. This represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 107,766 shares of company stock worth $33,339,852. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 3.5 %

Shares of Cadence Design Systems stock opened at $241.74 on Tuesday. The company’s fifty day simple moving average is $293.85 and its 200-day simple moving average is $286.55. The company has a market cap of $66.26 billion, a price-to-earnings ratio of 62.63, a PEG ratio of 3.88 and a beta of 1.03. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 1 year low of $240.35 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data 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). The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Piper Sandler raised their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective on the stock. Loop Capital cut their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target on the stock. Finally, Bank of America dropped their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $326.92.

About Cadence Design Systems

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.