NBT Bank N A NY Decreases Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

NBT Bank N A NY cut its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 21.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 598 shares of the software maker’s stock after selling 168 shares during the period. NBT Bank N A NY’s holdings in Cadence Design Systems were worth $180,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. State Street Corp raised its holdings in Cadence Design Systems by 0.5% in the third quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock valued at $3,231,422,000 after acquiring an additional 60,490 shares in the last quarter. Jennison Associates LLC raised its holdings in 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 valued at $2,406,760,000 after acquiring an additional 404,076 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in 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 valued at $1,081,098,000 after acquiring an additional 37,452 shares in the last quarter. Nordea Investment Management AB raised its holdings in Cadence Design Systems by 6.5% in 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 holdings in Cadence Design Systems by 3.6% in 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. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the transaction, the vice president now owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. This trade represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock worth $33,504,126 in the last 90 days. Corporate insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Up 0.1 %

Cadence Design Systems stock opened at $234.25 on Wednesday. The company has a 50-day simple moving average of $286.00 and a 200-day simple moving average of $284.88. The firm has a market capitalization of $64.21 billion, a P/E ratio of 60.69, a P/E/G ratio of 3.88 and a beta of 1.05. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99.

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 analysts’ consensus estimates of $1.82 by ($0.33). The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Mizuho increased their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price on the stock. Robert W. Baird dropped their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Finally, Needham & Company LLC reissued a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $326.92.

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.