Sentry Investment Management LLC Sells 153 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sentry Investment Management LLC trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,426 shares of the software maker’s stock after selling 153 shares during the period. Sentry Investment Management LLC’s holdings in Cadence Design Systems were worth $388,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CDNS. DekaBank Deutsche Girozentrale boosted its stake in shares of Cadence Design Systems by 34.5% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock worth $91,775,000 after acquiring an additional 99,251 shares during the period. Miracle Mile Advisors LLC bought a new position in shares of Cadence Design Systems in the fourth quarter valued at about $934,000. Pacer Advisors Inc. lifted its stake in shares of Cadence Design Systems by 9.4% during the 4th quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock worth $11,006,000 after buying an additional 3,484 shares during the last quarter. Patton Fund Management Inc. bought a new stake in shares of Cadence Design Systems during the 4th quarter worth about $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc acquired a new stake in Cadence Design Systems during the fourth quarter worth approximately $55,443,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the subject of a number of recent research reports. Stifel Nicolaus boosted their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Robert W. Baird increased their price target on Cadence Design Systems from $289.00 to $302.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 13th. KeyCorp increased their target price on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, March 6th. Finally, StockNews.com raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Tuesday, March 12th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $316.10.

Insider Transactions at Cadence Design Systems

In related news, SVP Karna Nisewaner sold 600 shares of the company’s 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 completion of the sale, the senior vice president now owns 21,080 shares in the company, valued at $6,544,496.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems 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 directly owns 21,080 shares in the company, valued at $6,544,496.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John M. Wall sold 36,000 shares of the firm’s stock in a transaction on Thursday, January 18th. The shares were sold at an average price of $277.46, for a total value of $9,988,560.00. Following the sale, the chief financial officer now directly owns 80,594 shares of the company’s stock, valued at $22,361,611.24. The disclosure for this sale can be found here. Insiders sold a total of 212,044 shares of company stock valued at $63,106,522 over the last ninety days. 0.62% of the stock is currently owned by insiders.

Cadence Design Systems Stock Down 1.4 %

CDNS stock opened at $301.56 on Tuesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. Cadence Design Systems, Inc. has a fifty-two week low of $194.01 and a fifty-two week high of $327.36. The stock’s 50 day simple moving average is $306.57 and its 200 day simple moving average is $278.78. The company has a market cap of $82.10 billion, a P/E ratio of 78.94, a price-to-earnings-growth ratio of 3.72 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The company had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same period last year, the business earned $0.75 EPS. Cadence Design Systems’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, research analysts expect that Cadence Design Systems, Inc. will post 4.82 earnings per share for the current fiscal year.

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.