Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by CENTRAL TRUST Co

CENTRAL TRUST Co lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,202 shares of the software maker’s stock after selling 559 shares during the quarter. CENTRAL TRUST Co’s holdings in Cadence Design Systems were worth $868,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. RiverPark Advisors LLC purchased a new stake in Cadence Design Systems in the first quarter valued at $26,000. ORG Partners LLC boosted its position in shares of Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after purchasing an additional 82 shares during the period. Annapolis Financial Services LLC acquired a new stake in shares of Cadence Design Systems in the 1st quarter valued at about $32,000. Hollencrest Capital Management increased its position in Cadence Design Systems by 637.5% during the first quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after buying an additional 102 shares during the period. Finally, Chilton Capital Management LLC increased its position in Cadence Design Systems by 244.0% during the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after buying an additional 122 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 2.4 %

Shares of CDNS opened at $257.30 on Friday. Cadence Design Systems, Inc. has a twelve month low of $228.66 and a twelve month high of $328.99. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $70.09 billion, a P/E ratio of 67.01, a PEG ratio of 3.37 and a beta of 1.02. The firm’s 50-day moving average is $267.89 and its two-hundred day moving average is $283.26.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CDNS. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a research report on Tuesday, August 6th. Berenberg Bank started coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Monday, October 7th. Finally, Mizuho started coverage on Cadence Design Systems in a research report on Tuesday. They issued an “outperform” rating and a $325.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $323.42.

Insider Buying and Selling

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.24, for a total transaction of $414,360.00. Following the sale, the director now directly owns 45,051 shares in the company, valued at approximately $12,444,888.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total value of $2,763,600.00. Following the sale, the vice president now directly owns 95,408 shares in the company, valued at $26,366,954.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $276.24, for a total value of $414,360.00. Following the transaction, the director now owns 45,051 shares of the company’s stock, valued at $12,444,888.24. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,347 shares of company stock worth $7,728,272 in the last quarter. Company insiders own 1.99% of the company’s stock.

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.