Altshuler Shaham Ltd Sells 62 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Altshuler Shaham Ltd lessened its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 19.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the business. Cambridge Investment Research Advisors Inc. lifted its position in shares of Cadence Design Systems by 14.0% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 15,386 shares of the software maker’s stock valued at $3,605,000 after buying an additional 1,893 shares during the last quarter. Brighton Jones LLC purchased a new stake in Cadence Design Systems during the 3rd quarter worth about $206,000. Strs Ohio lifted its holdings in Cadence Design Systems by 5.1% during the 3rd quarter. Strs Ohio now owns 81,008 shares of the software maker’s stock worth $18,980,000 after purchasing an additional 3,949 shares in the last quarter. IFM Investors Pty Ltd lifted its holdings in Cadence Design Systems by 1.6% during the 3rd quarter. IFM Investors Pty Ltd now owns 56,623 shares of the software maker’s stock worth $13,267,000 after purchasing an additional 898 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Cadence Design Systems by 13.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 349,221 shares of the software maker’s stock worth $81,822,000 after purchasing an additional 40,889 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CDNS. Robert W. Baird raised their price target on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Wells Fargo & Company increased their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Needham & Company LLC restated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Friday, April 19th. Finally, StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $326.11.

Cadence Design Systems Stock Up 1.0 %

NASDAQ:CDNS traded up $2.71 during trading hours on Thursday, reaching $285.28. 1,001,204 shares of the company traded hands, compared to its average volume of 1,560,060. The business’s 50-day moving average price is $300.59 and its two-hundred day moving average price is $283.21. The stock has a market capitalization of $77.63 billion, a P/E ratio of 74.29, a P/E/G ratio of 3.32 and a beta of 1.06. 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.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.02 earnings per share. Analysts predict that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $275,360.00. Following the completion of the sale, the vice president now owns 67,144 shares of the company’s stock, valued at approximately $18,488,771.84. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the transaction, the senior vice president now owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $275,360.00. Following the completion of the transaction, the vice president now owns 67,144 shares of the company’s stock, valued at approximately $18,488,771.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 173,066 shares of company stock valued at $52,199,975. Corporate insiders own 0.62% of the company’s stock.

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.