Schechter Investment Advisors LLC Lowers Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Schechter Investment Advisors LLC cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,947 shares of the software maker’s stock after selling 52 shares during the quarter. Schechter Investment Advisors LLC’s holdings in Cadence Design Systems were worth $1,075,000 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. OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems during the third quarter worth about $26,000. VisionPoint Advisory Group LLC acquired a new stake in shares of Cadence Design Systems in the second quarter worth approximately $27,000. Fortitude Family Office LLC acquired a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $28,000. Atlas Capital Advisors LLC boosted its position in shares of Cadence Design Systems by 322.6% in the second quarter. Atlas Capital Advisors LLC now owns 131 shares of the software maker’s stock worth $31,000 after acquiring an additional 100 shares during the last quarter. Finally, Zions Bancorporation N.A. boosted its position in shares of Cadence Design Systems by 108.3% in the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock worth $37,000 after acquiring an additional 117 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director James D. Plummer sold 2,412 shares of the business’s stock in a transaction 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 $7,229,914.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Cadence Design Systems news, Director James D. Plummer sold 2,412 shares of the business’s stock in a transaction 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 $7,229,914.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 1,454 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $441,870.60. Following the sale, the chief executive officer now owns 136,455 shares of the company’s stock, valued at approximately $41,468,674.50. The disclosure for this sale can be found here. Insiders sold a total of 200,244 shares of company stock worth $58,930,611 over the last 90 days. Insiders own 1.67% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on CDNS. KeyCorp raised their target price on shares of Cadence Design Systems from $325.00 to $335.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 13th. Rosenblatt Securities cut shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and raised their target price for the stock from $265.00 to $280.00 in a research report on Tuesday, February 13th. StockNews.com raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Tuesday, March 12th. Wells Fargo & Company lifted their price target on shares of Cadence Design Systems from $310.00 to $330.00 and gave the company an “overweight” rating in a research report on Tuesday, February 6th. Finally, Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $311.33.

Cadence Design Systems Stock Down 1.5 %

Shares of NASDAQ:CDNS opened at $311.34 on Thursday. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. The company has a fifty day simple moving average of $301.64 and a 200 day simple moving average of $271.51. The firm has a market cap of $84.87 billion, a PE ratio of 81.50, a price-to-earnings-growth ratio of 3.85 and a beta of 1.04. Cadence Design Systems, Inc. has a 12-month low of $194.01 and a 12-month high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly 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 net margin of 25.46% and a return on equity of 35.57%. The business had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the previous year, the firm earned $0.75 earnings per share. The business’s revenue was up 18.8% compared to the same quarter last year. On average, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.81 EPS for the current fiscal year.

Cadence Design Systems 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.