Pitcairn Co. Lowers Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Pitcairn Co. cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,982 shares of the software maker’s stock after selling 522 shares during the quarter. Pitcairn Co.’s holdings in Cadence Design Systems were worth $4,501,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CDNS. Golden State Wealth Management LLC purchased a new position in Cadence Design Systems during the 4th quarter worth $28,000. Avalon Trust Co bought a new position in shares of Cadence Design Systems during the 4th quarter worth $39,000. Versant Capital Management Inc increased its stake in shares of Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after buying an additional 87 shares during the period. Prestige Wealth Management Group LLC raised its holdings in shares of Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after acquiring an additional 60 shares in the last quarter. Finally, OFI Invest Asset Management purchased a new stake in Cadence Design Systems in the fourth quarter worth about $46,000. Institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the transaction, the vice president now directly owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their position. The transaction was disclosed in a 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 on 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 sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 94,451 shares of company stock valued at $29,231,093. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Stock Performance

CDNS opened at $264.94 on Thursday. The firm’s 50-day moving average price is $271.35 and its 200-day moving average price is $284.21. The company has a market cap of $72.68 billion, a P/E ratio of 68.64, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 52-week low of $230.09 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly 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 analysts’ expectations 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, equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CDNS shares. Oppenheimer reduced their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a report on Wednesday, March 19th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Piper Sandler lifted their price target on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Rosenblatt Securities upped their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, Redburn Atlantic began coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $324.83.

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.