Interchange Capital Partners LLC Lowers Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Interchange Capital Partners LLC lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,647 shares of the software maker’s stock after selling 44 shares during the quarter. Interchange Capital Partners LLC’s holdings in Cadence Design Systems were worth $495,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Avior Wealth Management LLC boosted its stake in shares of Cadence Design Systems by 12.4% in the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock valued at $98,000 after purchasing an additional 36 shares during the period. Lindbrook Capital LLC boosted its stake in shares of Cadence Design Systems by 1.7% in the fourth quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock valued at $670,000 after purchasing an additional 38 shares during the period. Empower Advisory Group LLC boosted its stake in shares of Cadence Design Systems by 4.9% in the fourth quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock valued at $263,000 after purchasing an additional 41 shares during the period. Marcum Wealth LLC boosted its stake in shares of Cadence Design Systems by 4.1% in the fourth quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker’s stock valued at $337,000 after purchasing an additional 44 shares during the period. Finally, CX Institutional boosted its stake in shares of Cadence Design Systems by 2.6% in the fourth quarter. CX Institutional now owns 1,791 shares of the software maker’s stock valued at $538,000 after purchasing an additional 46 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were 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 owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. The trade was a 1.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the business’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 of the company’s stock, 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 sold 101,021 shares of company stock valued at $31,229,155 in the last 90 days. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $262.42 on Monday. The firm has a market capitalization of $71.93 billion, a P/E ratio of 67.98, a PEG ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99. The company’s fifty day moving average is $278.01 and its two-hundred day moving average is $284.19. 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 (NASDAQ:CDNS) last released its quarterly earnings results 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 firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently commented on CDNS shares. Loop Capital lowered their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Bank of America reduced their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Mizuho raised their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Redburn Atlantic started coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $324.83.

Cadence Design Systems Company 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.