Cresset Asset Management LLC Sells 9,222 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cresset Asset Management LLC trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 58.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,595 shares of the software maker’s stock after selling 9,222 shares during the period. Cresset Asset Management LLC’s holdings in Cadence Design Systems were worth $1,982,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Cadence Design Systems during the fourth quarter valued at about $1,170,209,000. Schroder Investment Management Group lifted its position in Cadence Design Systems by 53.1% during the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock valued at $623,105,000 after acquiring an additional 716,041 shares during the last quarter. FMR LLC boosted its stake in Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after acquiring an additional 639,146 shares in the last quarter. Alliancebernstein L.P. grew its holdings in Cadence Design Systems by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock worth $1,705,469,000 after purchasing an additional 632,175 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Cadence Design Systems by 25.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker’s stock worth $882,655,000 after purchasing an additional 601,834 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

Shares of CDNS opened at $305.78 on Friday. The company has a market capitalization of $83.49 billion, a P/E ratio of 79.22, a P/E/G ratio of 3.88 and a beta of 1.04. The business’s 50-day moving average is $264.34 and its two-hundred day moving average is $284.51. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period last year, the business earned $1.17 earnings per share. Cadence Design Systems’s quarterly revenue was up 23.1% on a year-over-year basis. Research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the sale, the chief executive officer now directly owns 209,548 shares of the company’s stock, valued at $64,959,880. This represents a 4.87 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $303.00, for a total value of $196,950.00. Following the completion of the transaction, the vice president now owns 108,149 shares of the company’s stock, valued at approximately $32,769,147. This represents a 0.60 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,577 shares of company stock valued at $5,316,411. Corporate insiders own 0.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on CDNS shares. Loop Capital reduced their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a research note on Tuesday, April 29th. Piper Sandler upped their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Finally, Oppenheimer lowered their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research note on Wednesday, March 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $322.54.

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.