Decatur Capital Management Inc. Sells 109 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Decatur Capital Management Inc. lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,657 shares of the software maker’s stock after selling 109 shares during the quarter. Cadence Design Systems comprises 1.0% of Decatur Capital Management Inc.’s investment portfolio, making the stock its 27th biggest holding. Decatur Capital Management Inc.’s holdings in Cadence Design Systems were worth $2,301,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new stake in Cadence Design Systems in the 4th quarter valued at $28,000. Avalon Trust Co purchased a new stake in Cadence Design Systems in the 4th quarter valued at $39,000. Versant Capital Management Inc grew its position in Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after purchasing an additional 87 shares in the last quarter. OFI Invest Asset Management bought a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $46,000. Finally, Synergy Investment Management LLC purchased a new position in Cadence Design Systems in the fourth quarter worth $50,000. 84.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on CDNS. Redburn Atlantic started coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price for the company. Piper Sandler boosted their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Rosenblatt Securities upped their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Robert W. Baird lowered their price target on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Finally, StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $320.67.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the sale, the vice president now directly owns 58,123 shares of the company’s stock, valued at $14,689,425.79. The trade was a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 1,950 shares of company stock valued at $518,499 in the last quarter. 0.37% of the stock is currently owned by corporate insiders.

Cadence Design Systems Price Performance

CDNS stock opened at $260.22 on Friday. The firm has a market capitalization of $71.38 billion, a P/E ratio of 67.41, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week 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 company has a fifty day simple moving average of $257.23 and a two-hundred day simple moving average of $282.03.

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 the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

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.