Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 78.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,359 shares of the software maker’s stock after selling 12,168 shares during the period. Atlantic Union Bankshares Corp’s holdings in Cadence Design Systems were worth $1,009,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CDNS. Missouri Trust & Investment Co acquired a new stake in Cadence Design Systems in the 3rd quarter worth about $27,000. MidAtlantic Capital Management Inc. acquired a new stake in Cadence Design Systems in the 3rd quarter worth about $28,000. Golden State Wealth Management LLC acquired a new stake in Cadence Design Systems in the 4th quarter worth about $28,000. Versant Capital Management Inc boosted its holdings in shares of Cadence Design Systems by 164.2% during 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 during the last quarter. Finally, Prestige Wealth Management Group LLC grew its position in shares of Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after purchasing an additional 60 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the sale, the vice president now directly owns 59,311 shares in the company, valued at approximately $18,080,365.24. This trade represents a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction on 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 completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $16,987,930.96. This represents a 9.58 % 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 $33,504,126. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Up 0.0 %

Shares of NASDAQ CDNS opened at $243.21 on Friday. The stock has a market cap of $66.67 billion, a P/E ratio of 63.01, a PEG ratio of 3.88 and a beta of 1.05. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 12-month low of $233.72 and a 12-month high of $328.99. The business’s fifty day simple moving average is $288.68 and its 200-day simple moving average is $285.44.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data 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). The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CDNS shares. Needham & Company LLC restated a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Mizuho upped their price target 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. Loop Capital dropped their price target on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Redburn Atlantic initiated coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. Finally, Piper Sandler increased their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.92.

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.