TD Private Client Wealth LLC Sells 4,386 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

TD Private Client Wealth LLC lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 25.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 13,090 shares of the software maker’s stock after selling 4,386 shares during the period. TD Private Client Wealth LLC’s holdings in Cadence Design Systems were worth $3,933,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CDNS. Swedbank AB boosted 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 acquiring an additional 230,672 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after purchasing an additional 501,833 shares in the last quarter. Commerce Bank lifted its holdings in shares of Cadence Design Systems by 8.2% in the third quarter. Commerce Bank now owns 24,506 shares of the software maker’s stock valued at $6,642,000 after purchasing an additional 1,859 shares in the last quarter. Citizens Financial Group Inc. RI lifted its holdings in shares of 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 purchasing an additional 141 shares in the last quarter. Finally, Intech Investment Management LLC lifted its holdings in shares of 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 valued at $3,839,000 after purchasing an additional 499 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Activity

In other news, 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 value of $198,146.00. Following the completion of the transaction, the vice president now directly owns 59,311 shares in the company, valued at approximately $18,080,365.24. The trade was a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $1,799,916.80. Following the completion of the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 101,021 shares of company stock worth $31,229,155. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $262.42 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The business has a fifty day simple moving average of $278.01 and a two-hundred day simple moving average of $283.79. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99. The company has a market capitalization of $71.93 billion, a P/E ratio of 67.98, a P/E/G ratio of 3.88 and a beta of 1.05.

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

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of recent research reports. Robert W. Baird dropped their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Rosenblatt Securities raised their target price on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Bank of America dropped their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Needham & Company LLC reiterated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a report on Wednesday, February 19th. Finally, Wells Fargo & Company began coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $324.83.

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.