Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Davy Global Fund Management Ltd
Davy Global Fund Management Ltd lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,907 shares of the software maker’s stock after selling 396 shares during the period. Davy Global Fund Management Ltd’s holdings in Cadence Design Systems were worth $1,488,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Amundi Pioneer Asset Management Inc. increased its stake in shares of Cadence Design Systems by 31.0% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 293,032 shares of the software maker’s stock worth $18,610,000 after buying an additional 69,373 shares during the last quarter. State of Alaska Department of Revenue grew its stake in shares of Cadence Design Systems by 12.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 128,641 shares of the software maker’s stock valued at $13,716,000 after buying an additional 14,241 shares in the last quarter. First Hawaiian Bank bought a new stake in Cadence Design Systems during the third quarter worth approximately $316,000. Howard Capital Management Inc. boosted its position in Cadence Design Systems by 7.1% during the third quarter. Howard Capital Management Inc. now owns 6,430 shares of the software maker’s stock worth $686,000 after purchasing an additional 425 shares during the period. Finally, Moody National Bank Trust Division bought a new stake in shares of Cadence Design Systems in the third quarter valued at approximately $3,747,000. Institutional investors own 83.86% of the company’s stock.
Shares of NASDAQ CDNS traded up $1.42 during mid-day trading on Tuesday, reaching $135.82. 20,396 shares of the company’s stock were exchanged, compared to its average volume of 1,583,125. The business has a fifty day simple moving average of $133.58 and a 200 day simple moving average of $115.85. Cadence Design Systems, Inc. has a twelve month low of $51.39 and a twelve month high of $142.11. The firm has a market capitalization of $37.88 billion, a price-to-earnings ratio of 34.91, a PEG ratio of 4.64 and a beta of 1.05. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 0.14.
In other Cadence Design Systems news, President Anirudh Devgan sold 3,782 shares of the business’s stock in a transaction that occurred on Tuesday, November 17th. The stock was sold at an average price of $114.04, for a total transaction of $431,299.28. Following the transaction, the president now owns 316,766 shares of the company’s stock, valued at approximately $36,123,994.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Lip Bu Tan sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, January 15th. The stock was sold at an average price of $134.60, for a total value of $6,730,000.00. Following the transaction, the chief executive officer now directly owns 781,709 shares in the company, valued at approximately $105,218,031.40. The disclosure for this sale can be found here. Insiders have sold a total of 148,782 shares of company stock worth $18,542,799 in the last ninety days. Insiders own 2.58% of the company’s stock.
CDNS has been the subject of several recent analyst reports. Needham & Company LLC increased their price objective on Cadence Design Systems from $115.00 to $126.00 and gave the stock a “buy” rating in a research note on Tuesday, October 20th. Wells Fargo & Company raised their price target on Cadence Design Systems from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Tuesday, October 20th. JPMorgan Chase & Co. upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $122.00 to $145.00 in a report on Wednesday, December 9th. UBS Group raised their target price on Cadence Design Systems from $91.00 to $125.00 and gave the stock a “neutral” rating in a report on Wednesday, October 14th. Finally, Royal Bank of Canada raised their price target on Cadence Design Systems from $122.00 to $127.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 20th. One analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $113.00.
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 emulation platform; and Protium, a prototyping platform for chip verification.
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