Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Gulf International Bank UK Ltd

Gulf International Bank UK Ltd trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,346 shares of the software maker’s stock after selling 230 shares during the period. Gulf International Bank UK Ltd’s holdings in Cadence Design Systems were worth $6,413,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Mn Services Vermogensbeheer B.V. lifted its stake in shares of Cadence Design Systems by 3.3% during the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 108,037 shares of the software maker’s stock worth $32,461,000 after buying an additional 3,500 shares during the period. New York Life Investment Management LLC lifted its stake in shares of Cadence Design Systems by 1.6% during the fourth quarter. New York Life Investment Management LLC now owns 41,290 shares of the software maker’s stock worth $12,406,000 after buying an additional 657 shares during the period. Walter Public Investments Inc. lifted its stake in shares of Cadence Design Systems by 20.7% during the fourth quarter. Walter Public Investments Inc. now owns 66,798 shares of the software maker’s stock worth $20,070,000 after buying an additional 11,435 shares during the period. Whipplewood Advisors LLC acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth $157,000. Finally, NewEdge Wealth LLC lifted its stake in shares of Cadence Design Systems by 5.0% during the fourth quarter. NewEdge Wealth LLC now owns 98,722 shares of the software maker’s stock worth $29,662,000 after buying an additional 4,739 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Stock Up 2.2 %

CDNS opened at $254.38 on Thursday. The stock has a market capitalization of $69.73 billion, a price-to-earnings ratio of 65.90, a PEG ratio of 3.88 and a beta of 1.03. The company has a fifty day moving average of $297.15 and a two-hundred day moving average of $286.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The company had revenue of $1.36 billion for 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%. On average, research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CDNS. Piper Sandler lifted their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Robert W. Baird reduced their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Bank of America reduced their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Finally, Mizuho raised their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $326.92.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares in the company, valued at $4,378,158.04. The trade was a 18.13 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated 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 owns 58,773 shares in the company, valued at $17,180,523.36. The trade was a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 108,416 shares of company stock worth $33,538,875. 1.99% of the stock is owned by insiders.

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.