Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Fragasso Financial Advisors Inc

Fragasso Financial Advisors Inc decreased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,849 shares of the software maker’s stock after selling 407 shares during the quarter. Fragasso Financial Advisors Inc’s holdings in Cadence Design Systems were worth $3,260,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in CDNS. Van ECK Associates Corp grew its position in Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after buying an additional 572,251 shares during the last quarter. Principal Financial Group Inc. grew its position in Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after purchasing an additional 501,833 shares in the last quarter. Meridiem Investment Management Ltd. purchased a new position in Cadence Design Systems during the 3rd quarter worth approximately $129,285,000. Sumitomo Mitsui Trust Group Inc. grew its position in Cadence Design Systems by 48.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after purchasing an additional 310,250 shares in the last quarter. Finally, Marshall Wace LLP grew its position in Cadence Design Systems by 153.4% during the 2nd quarter. Marshall Wace LLP now owns 471,010 shares of the software maker’s stock worth $144,953,000 after purchasing an additional 285,130 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total transaction of $425,490.00. Following the transaction, the director now owns 42,051 shares of the company’s stock, valued at approximately $11,928,186.66. This represents a 3.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 109,916 shares of company stock valued at $33,953,757 over the last three months. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Price Performance

NASDAQ:CDNS traded down $5.78 during mid-day trading on Monday, hitting $293.22. The company’s stock had a trading volume of 665,238 shares, compared to its average volume of 1,182,593. The company has a market capitalization of $80.42 billion, a price-to-earnings ratio of 76.96, a P/E/G ratio of 4.16 and a beta of 1.04. The stock has a fifty day moving average of $304.20 and a 200-day moving average of $285.41. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the business posted $1.01 earnings per share. Cadence Design Systems’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have weighed in on CDNS shares. Mizuho lifted their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Robert W. Baird lifted their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Wells Fargo & Company assumed coverage on shares of 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. Oppenheimer assumed coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company. Finally, Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a research note on Monday. They set a “buy” rating and a $350.00 target price for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $329.50.

About Cadence Design Systems

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.