National Wealth Management Group LLC Trims Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

National Wealth Management Group LLC reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 30.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,749 shares of the software maker’s stock after selling 753 shares during the quarter. National Wealth Management Group LLC’s holdings in Cadence Design Systems were worth $526,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in CDNS. Principal Financial Group Inc. lifted its position in shares of Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after purchasing an additional 501,833 shares during the period. D.A. Davidson & CO. lifted its holdings in Cadence Design Systems by 17.1% during the third quarter. D.A. Davidson & CO. now owns 1,644 shares of the software maker’s stock worth $446,000 after buying an additional 240 shares during the period. Townsquare Capital LLC boosted its position in Cadence Design Systems by 35.8% during the 3rd quarter. Townsquare Capital LLC now owns 4,664 shares of the software maker’s stock valued at $1,264,000 after acquiring an additional 1,229 shares in the last quarter. Public Sector Pension Investment Board increased its holdings in shares of Cadence Design Systems by 16.3% in the 3rd quarter. Public Sector Pension Investment Board now owns 12,098 shares of the software maker’s stock valued at $3,279,000 after acquiring an additional 1,700 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec bought a new position in shares of Cadence Design Systems in the 3rd quarter worth $24,026,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of analyst reports. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Robert W. Baird reduced their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Rosenblatt Securities boosted their price target on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Bank of America lowered 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 research note on Wednesday, February 19th. Finally, Piper Sandler raised their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $324.83.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the transaction, the vice president now directly owns 58,123 shares in the company, valued at approximately $14,689,425.79. This trade represents a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the sale, the chief executive officer now owns 55,874 shares in the company, valued at $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,021 shares of company stock worth $31,229,155 over the last ninety days. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $254.33 on Tuesday. The business’s 50 day moving average price is $273.52 and its 200 day moving average price is $284.41. The company has a market cap of $69.77 billion, a price-to-earnings ratio of 65.89, a PEG ratio of 3.88 and a beta of 1.05. 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 one year low of $230.09 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. On average, research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

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.