Altshuler Shaham Ltd Decreases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Altshuler Shaham Ltd lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 19.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 257 shares of the software maker’s stock after selling 62 shares during the quarter. Altshuler Shaham Ltd’s holdings in Cadence Design Systems were worth $70,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of CDNS. OFI Invest Asset Management acquired a new stake in Cadence Design Systems during the third quarter worth about $26,000. Valley National Advisers Inc. grew its position in Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares during the last quarter. Fortitude Family Office LLC bought a new position in Cadence Design Systems in the 4th quarter worth about $28,000. Rakuten Securities Inc. bought a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $45,000. Finally, Catalyst Capital Advisors LLC boosted its holdings in shares of Cadence Design Systems by 34.7% in the third quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock valued at $47,000 after acquiring an additional 52 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the subject of several recent analyst reports. KeyCorp increased their price objective on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Piper Sandler reduced their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday, April 23rd. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Friday, April 19th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Finally, Wells Fargo & Company raised their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $326.11.

Insider Activity at Cadence Design Systems

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 shares were 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 $41,468,674.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Anirudh Devgan sold 1,454 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the completion of the transaction, the chief executive officer now owns 136,455 shares in the company, valued at $41,468,674.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $165,216.00. Following the completion of the transaction, the senior vice president now owns 20,480 shares of the company’s stock, valued at approximately $5,639,372.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 173,066 shares of company stock worth $52,199,975. 0.62% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Up 1.0 %

CDNS stock traded up $2.71 during midday trading on Thursday, reaching $285.28. The company had a trading volume of 1,001,204 shares, compared to its average volume of 1,560,060. 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 company has a market capitalization of $77.63 billion, a P/E ratio of 74.29, a PEG ratio of 3.32 and a beta of 1.06. The company has a 50 day moving average of $300.59 and a two-hundred day moving average of $283.21.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly 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 in the previous year, the company earned $1.02 EPS. Cadence Design Systems’s revenue was down 1.2% on a year-over-year basis. On average, equities research analysts expect that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current fiscal year.

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.