Axxcess Wealth Management LLC Sells 463 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Axxcess Wealth Management LLC cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 17.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 2,170 shares of the software maker’s stock after selling 463 shares during the period. Axxcess Wealth Management LLC’s holdings in Cadence Design Systems were worth $652,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Swedbank AB raised its holdings 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 worth $475,336,000 after purchasing an additional 230,672 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after acquiring an additional 501,833 shares in the last quarter. Commerce Bank lifted its position in Cadence Design Systems by 8.2% during the third quarter. Commerce Bank now owns 24,506 shares of the software maker’s stock valued at $6,642,000 after acquiring an additional 1,859 shares during the last quarter. Citizens Financial Group Inc. RI boosted its stake in Cadence Design Systems by 3.3% in the third quarter. Citizens Financial Group Inc. RI now owns 4,463 shares of the software maker’s stock valued at $1,210,000 after acquiring an additional 141 shares in the last quarter. Finally, Intech Investment Management LLC grew its holdings in Cadence Design Systems by 3.7% in the third quarter. Intech Investment Management LLC now owns 14,166 shares of the software maker’s stock worth $3,839,000 after purchasing an additional 499 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CDNS has been the subject of several analyst reports. Mizuho increased their price objective on 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 lowered their price target on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Piper Sandler boosted their price target on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Rosenblatt Securities increased their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Finally, StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $324.83.

Cadence Design Systems Trading Up 1.5 %

NASDAQ CDNS opened at $262.42 on Friday. The company has a fifty day moving average of $278.01 and a 200 day moving average of $283.79. The company has a market capitalization of $71.93 billion, a PE ratio of 67.98, 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 current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Tuesday, February 18th. The software maker reported $1.49 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 analysts’ expectations of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 93,151 shares of the 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 sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. This represents a 62.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value 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 trade represents a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,021 shares of company stock valued at $31,229,155 in the last 90 days. 1.99% of the stock is currently owned by company 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.