Elo Mutual Pension Insurance Co Decreases Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Elo Mutual Pension Insurance Co lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 24,989 shares of the software maker’s stock after selling 868 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Cadence Design Systems were worth $7,508,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Golden State Wealth Management LLC acquired a new stake in Cadence Design Systems during the fourth quarter worth approximately $28,000. Avalon Trust Co acquired a new stake in Cadence Design Systems during the 4th quarter worth $39,000. Versant Capital Management Inc lifted its position in Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after acquiring an additional 87 shares during the last quarter. OFI Invest Asset Management acquired a new position in Cadence Design Systems in the fourth quarter valued at $46,000. Finally, Prestige Wealth Management Group LLC grew its holdings in shares of Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after purchasing an additional 60 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 0.3 %

Shares of NASDAQ CDNS opened at $262.54 on Friday. The stock has a market capitalization of $71.96 billion, a price-to-earnings ratio of 68.02, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 52 week low of $230.09 and a 52 week high of $328.99. The firm has a 50-day moving average price of $275.52 and a 200 day moving average price of $284.16. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CDNS. Robert W. Baird decreased their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. Needham & Company LLC restated a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Oppenheimer reduced their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research report on Wednesday, March 19th. Piper Sandler raised their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Finally, Mizuho upped their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average target price of $324.83.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now directly owns 58,123 shares in the company, valued at $14,689,425.79. The trade was a 1.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 101,021 shares of company stock worth $31,229,155. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Company 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 enterprise emulation platform; and Protium, a prototyping platform for chip verification.