By otakuyassine3@gmail.com 
Retirement Systems of Alabama lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 1.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 59,381 shares of the software maker’s stock after selling 612 shares during the quarter. Retirement Systems of Alabama’s holdings in Cadence Design Systems were worth $17,842,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of CDNS. Avior Wealth Management LLC raised its stake in 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 in the last quarter. Dudley Capital Management LLC raised its position in shares of Cadence Design Systems by 4.3% during the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock valued at $257,000 after buying an additional 39 shares in the last quarter. Trust Point Inc. lifted its holdings in shares of Cadence Design Systems by 2.9% during the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after acquiring an additional 40 shares during the last quarter. Falcon Wealth Planning grew its position in Cadence Design Systems by 5.1% in the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock worth $222,000 after acquiring an additional 40 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC increased its stake in Cadence Design Systems by 0.7% in the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock valued at $1,501,000 after acquiring an additional 40 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.
Insider Activity at Cadence Design Systems
In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the transaction, the vice president now owns 58,773 shares in the company, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the sale, the vice president now owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. This represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock worth $33,538,875 in the last quarter. 0.62% of the stock is owned by company insiders.
Cadence Design Systems Stock Performance
NASDAQ:CDNS opened at $302.91 on Friday. 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 stock’s fifty day moving average is $304.77 and its 200 day moving average is $284.80. The firm has a market capitalization of $83.08 billion, a PE ratio of 79.50, a PEG ratio of 3.42 and a beta of 1.03. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99.
Analyst Ratings Changes
A number of brokerages recently weighed in on CDNS. Mizuho raised their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target for the company. Finally, Redburn Atlantic initiated coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $329.50.
Read Our Latest Research Report on Cadence Design Systems
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.
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