Sentry Investment Management LLC Sells 185 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sentry Investment Management LLC lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.0% in the fourth quarter, Holdings Channel reports. The firm owned 1,134 shares of the software maker’s stock after selling 185 shares during the period. Sentry Investment Management LLC’s holdings in Cadence Design Systems were worth $341,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Swedbank AB grew its stake in Cadence Design Systems by 15.1% in the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after buying an additional 230,672 shares during the last quarter. Private Advisor Group LLC boosted its holdings in Cadence Design Systems by 31.2% during the third quarter. Private Advisor Group LLC now owns 10,332 shares of the software maker’s stock valued at $2,800,000 after acquiring an additional 2,457 shares during the period. Allworth Financial LP boosted its holdings in Cadence Design Systems by 9.7% during the third quarter. Allworth Financial LP now owns 777 shares of the software maker’s stock valued at $211,000 after acquiring an additional 69 shares during the period. Arkadios Wealth Advisors acquired a new stake in shares of Cadence Design Systems in the third quarter valued at about $202,000. Finally, Inscription Capital LLC increased its stake in shares of Cadence Design Systems by 9.9% in the third quarter. Inscription Capital LLC now owns 1,192 shares of the software maker’s stock worth $323,000 after purchasing an additional 107 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Activity

In other news, VP Paul Scannell sold 3,171 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the sale, the vice president now owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. This trade represents a 18.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total value of $199,023.50. Following the completion of the transaction, the vice president now directly owns 60,461 shares in the company, valued at $18,512,553.59. The trade was a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 108,416 shares of company stock worth $33,538,875. Corporate insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CDNS. Wells Fargo & Company assumed coverage on Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price for the company. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Piper Sandler boosted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Redburn Atlantic began coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. Finally, Bank of America dropped their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $326.92.

Cadence Design Systems Stock Down 1.6 %

Shares of CDNS opened at $248.90 on Wednesday. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The stock has a market cap of $68.26 billion, a price-to-earnings ratio of 64.48, a P/E/G ratio of 3.88 and a beta of 1.03. The company has a 50-day moving average price of $298.08 and a two-hundred day moving average price of $287.22. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Equities analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Cadence Design Systems Company 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.