Cetera Advisor Networks LLC Sells 279 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cetera Advisor Networks LLC reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) by 1.8% in the fourth quarter, HoldingsChannel reports. The firm owned 15,125 shares of the software maker’s stock after selling 279 shares during the quarter. Cetera Advisor Networks LLC’s holdings in Cadence Design Systems were worth $4,119,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in the company. Crossmark Global Holdings Inc. grew its stake in shares of Cadence Design Systems by 39.3% during the 4th quarter. Crossmark Global Holdings Inc. now owns 50,228 shares of the software maker’s stock valued at $13,680,000 after purchasing an additional 14,169 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of Cadence Design Systems by 159.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 51,314 shares of the software maker’s stock valued at $13,976,000 after acquiring an additional 31,516 shares during the period. Lake Street Advisors Group LLC bought a new position in shares of Cadence Design Systems during the 4th quarter valued at approximately $535,000. STAR Financial Bank grew its stake in shares of Cadence Design Systems by 25.6% during the 4th quarter. STAR Financial Bank now owns 2,549 shares of the software maker’s stock valued at $694,000 after acquiring an additional 520 shares during the period. Finally, Belpointe Asset Management LLC grew its stake in shares of Cadence Design Systems by 211.8% during the 4th quarter. Belpointe Asset Management LLC now owns 2,975 shares of the software maker’s stock valued at $810,000 after acquiring an additional 2,021 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Piper Sandler cut their price objective on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday, April 23rd. Stifel Nicolaus boosted their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Robert W. Baird boosted their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. Wells Fargo & Company boosted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Finally, Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Three equities research 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 has a consensus rating of “Moderate Buy” and an average price target of $331.11.

Get Our Latest Analysis on Cadence Design Systems

Cadence Design Systems Stock Up 0.6 %

NASDAQ CDNS opened at $296.18 on Tuesday. The stock has a market cap of $80.69 billion, a PE ratio of 77.13, a P/E/G ratio of 3.60 and a beta of 1.04. Cadence Design Systems, Inc. has a 12 month low of $217.77 and a 12 month high of $327.36. The stock’s 50 day moving average is $291.43 and its 200 day moving average is $289.48. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.02 EPS. Research analysts predict that Cadence Design Systems, Inc. will post 4.77 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In related news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the sale, the senior vice president now owns 21,080 shares in the company, valued at approximately $6,544,496.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the sale, the senior vice president now owns 21,080 shares in the company, valued at approximately $6,544,496.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Aneel Zaman sold 23,592 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $302.52, for a total value of $7,137,051.84. Following the sale, the vice president now owns 24,499 shares in the company, valued at approximately $7,411,437.48. The disclosure for this sale can be found here. Insiders have sold 134,309 shares of company stock valued at $40,616,188 in the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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