Integrated Advisors Network LLC Sells 56 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Integrated Advisors Network LLC cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 893 shares of the software maker’s stock after selling 56 shares during the period. Integrated Advisors Network LLC’s holdings in Cadence Design Systems were worth $243,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Valley National Advisers Inc. boosted its position in Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after buying an additional 47 shares during the last quarter. Fortitude Family Office LLC acquired a new stake in Cadence Design Systems during the 4th quarter worth $28,000. Union Savings Bank acquired a new stake in Cadence Design Systems during the 4th quarter worth $33,000. Rakuten Securities Inc. acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at about $45,000. Finally, DSM Capital Partners LLC acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at about $69,000. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $326.50 on Thursday. The firm’s fifty day moving average price is $292.41 and its two-hundred day moving average price is $291.48. The stock has a market cap of $88.95 billion, a PE ratio of 85.03, a PEG ratio of 3.94 and a beta of 1.04. Cadence Design Systems, Inc. has a fifty-two week low of $217.77 and a fifty-two week high of $327.36. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same quarter in the previous year, the firm posted $1.02 earnings per share. Cadence Design Systems’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, equities analysts expect that Cadence Design Systems, Inc. will post 4.77 EPS for the current fiscal year.

Insider Buying and Selling

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the sale, the senior vice president now owns 21,080 shares of the company’s stock, valued at $6,544,496.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the transaction, the senior vice president now owns 21,080 shares in the company, valued at $6,544,496.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $295.00, for a total transaction of $191,750.00. Following the transaction, the vice president now owns 66,494 shares in the company, valued at approximately $19,615,730. The disclosure for this sale can be found here. Insiders have sold a total of 62,834 shares of company stock valued at $18,989,549 over the last 90 days. 0.62% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have issued reports on CDNS. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Friday, May 17th. Piper Sandler cut their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. KeyCorp lifted their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Finally, Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday, April 22nd. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $331.11.

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.