Xponance Inc. Reduces Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Xponance Inc. trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 67,993 shares of the software maker’s stock after selling 4,199 shares during the period. Xponance Inc.’s holdings in Cadence Design Systems were worth $20,429,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Avior Wealth Management LLC raised its position in shares of Cadence Design Systems by 12.4% in the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after buying an additional 36 shares during the period. Lindbrook Capital LLC raised its position in shares of Cadence Design Systems by 1.7% in the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock worth $670,000 after buying an additional 38 shares during the period. Fifth Third Wealth Advisors LLC raised its position in shares of Cadence Design Systems by 0.7% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after buying an additional 40 shares during the period. Empower Advisory Group LLC raised its position in shares of Cadence Design Systems by 4.9% in the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock worth $263,000 after buying an additional 41 shares during the period. Finally, Marcum Wealth LLC raised its position in shares of Cadence Design Systems by 4.1% in the 4th quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker’s stock worth $337,000 after buying an additional 44 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on CDNS. Redburn Atlantic began coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. Piper Sandler raised their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Robert W. Baird cut their price objective on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Bank of America cut their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Finally, Mizuho raised their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. One research 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $326.92.

Cadence Design Systems Stock Up 3.1 %

NASDAQ:CDNS opened at $255.11 on Tuesday. The company has a market capitalization of $69.93 billion, a price-to-earnings ratio of 66.09, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99. The stock has a 50-day simple moving average of $281.46 and a 200 day simple moving average of $284.30. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now directly owns 58,123 shares in the company, valued at approximately $14,689,425.79. This trade represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,245 shares of company stock valued at $32,534,498 over the last quarter. Insiders own 1.99% of the company’s stock.

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.