Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Position Decreased by Counterpoint Mutual Funds LLC

Counterpoint Mutual Funds LLC cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) by 43.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 813 shares of the software maker’s stock after selling 627 shares during the quarter. Counterpoint Mutual Funds LLC’s holdings in Cadence Design Systems were worth $131,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CDNS. SeaCrest Wealth Management LLC purchased a new stake in shares of Cadence Design Systems in the second quarter valued at $29,000. American National Bank purchased a new stake in shares of Cadence Design Systems in the third quarter valued at $33,000. Zions Bancorporation N.A. lifted its holdings 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 valued at $37,000 after purchasing an additional 117 shares in the last quarter. Private Trust Co. NA purchased a new stake in shares of Cadence Design Systems in the second quarter valued at $35,000. Finally, GHP Investment Advisors Inc. lifted its holdings in shares of Cadence Design Systems by 252.9% in the second quarter. GHP Investment Advisors Inc. now owns 247 shares of the software maker’s stock valued at $37,000 after purchasing an additional 177 shares in the last quarter. 84.06% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CDNS. Needham & Company LLC increased their target price on Cadence Design Systems from $200.00 to $235.00 and gave the company a “buy” rating in a report on Tuesday, February 14th. Deutsche Bank Aktiengesellschaft increased their target price on Cadence Design Systems from $200.00 to $222.00 and gave the company a “buy” rating in a report on Wednesday, February 15th. Rosenblatt Securities increased their price objective on Cadence Design Systems from $175.00 to $200.00 and gave the stock a “buy” rating in a report on Tuesday, February 14th. Robert W. Baird increased their price objective on Cadence Design Systems from $206.00 to $215.00 and gave the stock an “outperform” rating in a report on Tuesday, February 14th. Finally, Bank of America increased their price objective on Cadence Design Systems from $205.00 to $225.00 and gave the stock a “buy” rating in a report on Tuesday, February 14th. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $211.55.

Insider Buying and Selling at Cadence Design Systems

In other news, insider Lip Bu Tan sold 42,500 shares of the firm’s stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $206.09, for a total value of $8,758,825.00. Following the sale, the insider now directly owns 602,589 shares of the company’s stock, valued at $124,187,567.01. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Anirudh Devgan sold 3,147 shares of the firm’s stock in a transaction dated Thursday, February 23rd. The stock was sold at an average price of $197.46, for a total value of $621,406.62. Following the sale, the chief executive officer now directly owns 175,433 shares of the company’s stock, valued at $34,641,000.18. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Lip Bu Tan sold 42,500 shares of the firm’s stock in a transaction dated Thursday, March 16th. The shares were sold at an average price of $206.09, for a total value of $8,758,825.00. Following the completion of the sale, the insider now directly owns 602,589 shares in the company, valued at $124,187,567.01. The disclosure for this sale can be found here. Insiders have sold a total of 310,147 shares of company stock worth $58,743,929 over the last three months. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 0.5 %

NASDAQ CDNS traded down $0.94 during trading on Friday, hitting $206.88. 4,539,695 shares of the company traded hands, compared to its average volume of 1,763,657. Cadence Design Systems, Inc. has a 12 month low of $132.32 and a 12 month high of $209.50. The business has a fifty day simple moving average of $187.86 and a 200 day simple moving average of $170.87. The company has a current ratio of 1.27, a quick ratio of 1.17 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $56.47 billion, a P/E ratio of 66.95, a PEG ratio of 2.74 and a beta of 1.07.

Cadence Design Systems (NASDAQ:CDNS – Get Rating) last posted its earnings results on Monday, February 13th. The software maker reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.04. Cadence Design Systems had a return on equity of 33.89% and a net margin of 23.83%. The company had revenue of $899.88 million for the quarter, compared to analyst estimates of $884.23 million. During the same period last year, the company earned $0.67 earnings per share. The business’s revenue was up 16.4% compared to the same quarter last year. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 3.98 EPS for the current year.

Cadence Design Systems Profile

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Cadence Design Systems, Inc engages in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IP, and design IP. It operates through the following geographical segments: United States, Other Americas, China, Other Asia, Europe, Middle East and Africa and Japan.