Crestone Asset Management LLC Sells 488 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Crestone Asset Management LLC lessened its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 26.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 1,327 shares of the software maker’s stock after selling 488 shares during the period. Crestone Asset Management LLC’s holdings in Cadence Design Systems were worth $361,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. DekaBank Deutsche Girozentrale increased its holdings in shares of Cadence Design Systems by 34.5% during the third quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock worth $91,775,000 after buying an additional 99,251 shares in the last quarter. Miracle Mile Advisors LLC acquired a new position in Cadence Design Systems in the 4th quarter valued at approximately $934,000. Pacer Advisors Inc. raised its position in shares of Cadence Design Systems by 9.4% during the fourth quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock worth $11,006,000 after acquiring an additional 3,484 shares during the last quarter. Patton Fund Management Inc. acquired a new position in Cadence Design Systems in the fourth quarter valued at approximately $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc acquired a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $55,443,000. Institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other news, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the transaction, the vice president now directly owns 61,150 shares in the company, valued at $18,583,485. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $275,360.00. Following the completion of the sale, the vice president now owns 67,144 shares of the company’s stock, valued at $18,488,771.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the transaction, the vice president now directly owns 61,150 shares in the company, valued at $18,583,485. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 173,066 shares of company stock worth $52,199,975. 0.62% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Down 0.5 %

NASDAQ:CDNS traded down $1.47 during trading hours on Wednesday, hitting $282.57. 1,236,899 shares of the company traded hands, compared to its average volume of 1,566,338. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The firm’s 50-day simple moving average is $301.33 and its 200-day simple moving average is $283.20. Cadence Design Systems, Inc. has a one year low of $198.92 and a one year high of $327.36. The company has a market cap of $76.90 billion, a PE ratio of 73.71, a PEG ratio of 3.32 and a beta of 1.06.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same period last year, the firm posted $1.02 EPS. The business’s revenue was down 1.2% compared to the same quarter last year. Equities analysts predict that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently issued reports on CDNS. KeyCorp boosted their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Piper Sandler cut their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday, April 19th. Finally, StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $326.11.

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.