Crestone Asset Management LLC Cuts Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Crestone Asset Management LLC lessened its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 26.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,327 shares of the software maker’s stock after selling 488 shares during the period. Crestone Asset Management LLC’s holdings in Cadence Design Systems were worth $361,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in CDNS. Jennison Associates LLC raised its stake in Cadence Design Systems by 8.7% in the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after buying an additional 564,085 shares during the last quarter. Northern Trust Corp boosted its stake in Cadence Design Systems by 5.6% in the 3rd quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock worth $701,927,000 after purchasing an additional 158,031 shares in the last quarter. Invesco Ltd. grew its position in Cadence Design Systems by 4.9% during the 3rd quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock worth $471,480,000 after purchasing an additional 93,984 shares during the last quarter. Nordea Investment Management AB increased its stake in Cadence Design Systems by 124.8% during the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after purchasing an additional 1,052,228 shares in the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after buying an additional 962,987 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Ratings Changes

CDNS has been the topic of a number of research analyst reports. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Piper Sandler dropped their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. Wells Fargo & Company increased their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Needham & Company LLC reissued a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research note on Friday, April 19th. Finally, Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $326.11.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock traded down $1.47 during trading hours on Wednesday, hitting $282.57. 1,236,899 shares of the company were exchanged, compared to its average volume of 1,566,338. The business has a 50-day moving average of $301.33 and a 200-day moving average of $283.20. Cadence Design Systems, Inc. has a 1 year low of $198.92 and a 1 year high of $327.36. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $76.90 billion, a price-to-earnings ratio of 73.71, a P/E/G ratio of 3.32 and a beta of 1.06.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same quarter last year, the business earned $1.02 EPS. The business’s revenue was down 1.2% on a year-over-year basis. As a group, analysts expect that Cadence Design Systems, Inc. will post 4.78 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director James D. Plummer sold 2,412 shares of Cadence Design Systems stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total value of $760,744.80. Following the transaction, the director now owns 22,923 shares in the company, valued at approximately $7,229,914.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Anirudh Devgan sold 1,454 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the completion of the transaction, the chief executive officer now owns 136,455 shares in the company, valued at approximately $41,468,674.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James D. Plummer sold 2,412 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the completion of the sale, the director now owns 22,923 shares in the company, valued at approximately $7,229,914.20. The disclosure for this sale can be found here. In the last three months, insiders sold 173,066 shares of company stock worth $52,199,975. 0.62% of the stock is owned by corporate insiders.

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.