Skandinaviska Enskilda Banken AB publ Sells 63,164 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Skandinaviska Enskilda Banken AB publ reduced its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 26.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 177,808 shares of the software maker’s stock after selling 63,164 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned approximately 0.06% of Cadence Design Systems worth $53,657,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of CDNS. Avior Wealth Management LLC lifted its position in Cadence Design Systems by 12.4% during the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock valued at $98,000 after purchasing an additional 36 shares during the last quarter. Lindbrook Capital LLC raised its position in shares of Cadence Design Systems by 1.7% during the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock valued at $670,000 after buying an additional 38 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its holdings in shares of Cadence Design Systems by 0.7% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after acquiring an additional 40 shares during the last quarter. Paragon Advisors LLC grew its position in Cadence Design Systems by 0.6% in the third quarter. Paragon Advisors LLC now owns 6,465 shares of the software maker’s stock worth $1,752,000 after acquiring an additional 41 shares in the last quarter. Finally, Empower Advisory Group LLC increased 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 valued at $263,000 after acquiring an additional 41 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Activity

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the sale, the vice president now directly owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. The trade was a 18.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 108,416 shares of company stock valued at $33,504,126. Corporate insiders own 0.62% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Redburn Atlantic assumed coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective for the company. Loop Capital cut their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Bank of America decreased 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 note on Wednesday, February 19th. Mizuho upped their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Finally, Piper Sandler increased their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $326.92.

Cadence Design Systems Trading Up 2.1 %

Shares of CDNS opened at $239.22 on Thursday. The stock has a market capitalization of $65.57 billion, a P/E ratio of 61.97, a PEG ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a twelve month low of $230.09 and a twelve month high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm has a fifty day simple moving average of $284.77 and a two-hundred day simple moving average of $284.56.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

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.