Stifel Financial Corp Sells 35,203 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Stifel Financial Corp trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 33.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 68,582 shares of the software maker’s stock after selling 35,203 shares during the period. Stifel Financial Corp’s holdings in Cadence Design Systems were worth $18,588,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Dudley Capital Management LLC raised its stake in shares of Cadence Design Systems by 4.3% in the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock valued at $257,000 after purchasing an additional 39 shares in the last quarter. Trust Point Inc. increased its holdings in Cadence Design Systems by 2.9% in the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock valued at $379,000 after buying an additional 40 shares during the period. Falcon Wealth Planning raised its stake in shares of Cadence Design Systems by 5.1% in the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after buying an additional 40 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its holdings in shares of Cadence Design Systems by 0.7% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after acquiring an additional 40 shares during the period. Finally, Venture Visionary Partners LLC boosted its position in shares of Cadence Design Systems by 2.5% during the 3rd quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock valued at $463,000 after acquiring an additional 41 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Ratings Changes

CDNS has been the subject of several recent research reports. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target for the company. Needham & Company LLC dropped their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Oppenheimer initiated coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target on the stock. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Finally, Mizuho started coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $326.00.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $273.44, for a total transaction of $177,736.00. Following the completion of the sale, the vice president now owns 61,761 shares of the company’s stock, valued at approximately $16,887,927.84. The trade was a 1.04 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the transaction, the director now directly owns 42,051 shares in the company, valued at approximately $11,928,186.66. This trade represents a 3.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,634 shares of company stock worth $1,584,080 over the last three months. 0.62% of the stock is currently owned by company insiders.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $309.75 on Tuesday. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $84.95 billion, a price-to-earnings ratio of 81.30, a PEG ratio of 4.17 and a beta of 1.03. The firm’s 50 day moving average is $286.53 and its 200-day moving average is $285.22. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period last year, the company earned $1.01 EPS. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.75 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.