Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.0% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 2,713,264 shares of the software maker’s stock after selling 54,701 shares during the period. Cadence Design Systems makes up approximately 1.0% of Van ECK Associates Corp’s portfolio, making the stock its 19th biggest holding. Van ECK Associates Corp owned 0.99% of Cadence Design Systems worth $815,228,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of CDNS. Values First Advisors Inc. raised its position in Cadence Design Systems by 349.0% during the fourth quarter. Values First Advisors Inc. now owns 2,878 shares of the software maker’s stock valued at $865,000 after acquiring an additional 2,237 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Cadence Design Systems by 11.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 792,366 shares of the software maker’s stock worth $235,970,000 after purchasing an additional 80,486 shares during the period. Portfolio Design Labs LLC purchased a new position in shares of Cadence Design Systems during the 4th quarter valued at approximately $241,000. Quent Capital LLC lifted its stake in shares of Cadence Design Systems by 2.1% in the 4th quarter. Quent Capital LLC now owns 2,463 shares of the software maker’s stock valued at $740,000 after purchasing an additional 51 shares during the period. Finally, Peterson Wealth Services boosted its holdings in Cadence Design Systems by 1.3% during the fourth quarter. Peterson Wealth Services now owns 10,663 shares of the software maker’s stock worth $3,204,000 after buying an additional 136 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective for the company. Loop Capital began coverage on Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company. Redburn Atlantic initiated coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Finally, Mizuho upped their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $329.50.

Cadence Design Systems Stock Down 3.2 %

CDNS stock opened at $294.05 on Thursday. The firm has a market cap of $80.65 billion, a PE ratio of 77.18, a PEG ratio of 3.50 and a beta of 1.03. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The firm’s 50 day moving average price is $304.31 and its 200-day moving average price is $285.81.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the firm’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 of the company’s stock, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock worth $33,538,875 over the last quarter. 1.99% of the stock is currently owned by company insiders.

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.