Mutual Advisors LLC Trims Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mutual Advisors LLC lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,080 shares of the software maker’s stock after selling 130 shares during the quarter. Mutual Advisors LLC’s holdings in Cadence Design Systems were worth $323,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wesbanco Bank Inc. lifted its holdings in Cadence Design Systems by 18.7% in the 4th quarter. Wesbanco Bank Inc. now owns 2,346 shares of the software maker’s stock worth $705,000 after purchasing an additional 369 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Cadence Design Systems by 7.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 88,908 shares of the software maker’s stock worth $26,713,000 after acquiring an additional 6,364 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Cadence Design Systems by 59.6% during the 4th quarter. SG Americas Securities LLC now owns 101,659 shares of the software maker’s stock worth $30,544,000 after acquiring an additional 37,943 shares in the last quarter. Advisory Alpha LLC bought a new position in shares of Cadence Design Systems during the 4th quarter valued at approximately $254,000. Finally, Nisa Investment Advisors LLC grew its holdings in shares of Cadence Design Systems by 132.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after purchasing an additional 79,268 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John M. Wall sold 4,224 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the sale, the chief financial officer now directly owns 29,248 shares of the company’s stock, valued at $9,038,509.44. The trade was a 12.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock valued at $33,528,267 over the last 90 days. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $299.30 on Wednesday. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The stock’s fifty day moving average price is $306.05 and its 200-day moving average price is $284.72. The firm has a market cap of $82.09 billion, a P/E ratio of 78.56, a P/E/G ratio of 3.70 and a beta of 1.04. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.01 EPS. On average, equities research analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CDNS. Needham & Company LLC lowered their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective for the company. Robert W. Baird increased their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Finally, Mizuho raised their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. One analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $329.50.

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.