Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Empirical Finance LLC

Empirical Finance LLC trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,206 shares of the software maker’s stock after selling 107 shares during the period. Empirical Finance LLC’s holdings in Cadence Design Systems were worth $2,766,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CDNS. Empowered Funds LLC boosted its holdings in shares of Cadence Design Systems by 13.4% during the 4th quarter. Empowered Funds LLC now owns 14,708 shares of the software maker’s stock worth $4,419,000 after purchasing an additional 1,734 shares during the last quarter. Wilmington Savings Fund Society FSB raised its position in shares of Cadence Design Systems by 17.3% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 9,628 shares of the software maker’s stock valued at $2,893,000 after buying an additional 1,417 shares during the period. Kingsview Wealth Management LLC raised its position in shares of Cadence Design Systems by 1.2% during the 4th quarter. Kingsview Wealth Management LLC now owns 4,822 shares of the software maker’s stock valued at $1,449,000 after buying an additional 57 shares during the period. Robocap Asset Management Ltd raised its position in shares of Cadence Design Systems by 30.1% during the 4th quarter. Robocap Asset Management Ltd now owns 21,003 shares of the software maker’s stock valued at $6,311,000 after buying an additional 4,861 shares during the period. Finally, Apollon Wealth Management LLC raised its position in shares of Cadence Design Systems by 13.1% during the 4th quarter. Apollon Wealth Management LLC now owns 7,134 shares of the software maker’s stock valued at $2,144,000 after buying an additional 824 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $299.68 on Friday. The company’s 50 day moving average price is $304.59 and its 200 day moving average price is $285.02. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a market capitalization of $82.19 billion, a PE ratio of 78.66, a PEG ratio of 3.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

Insiders Place Their Bets

In other news, CEO Anirudh Devgan sold 5,920 shares of the company’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 owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their position. The transaction 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 Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the sale, the vice president now directly owns 58,773 shares in the company, valued at approximately $17,180,523.36. The trade was a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock valued at $33,538,875 over the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on CDNS shares. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Wells Fargo & Company started coverage on Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. Mizuho boosted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Robert W. Baird boosted their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Finally, StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $329.50.

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.