Pacer Advisors Inc. Lowers Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Pacer Advisors Inc. reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,983 shares of the software maker’s stock after selling 1,596 shares during the period. Pacer Advisors Inc.’s holdings in Cadence Design Systems were worth $11,412,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. United Asset Strategies Inc. raised its stake in Cadence Design Systems by 3.5% during the fourth quarter. United Asset Strategies Inc. now owns 6,233 shares of the software maker’s stock worth $1,873,000 after purchasing an additional 209 shares during the period. Union Bancaire Privee UBP SA purchased a new position in shares of Cadence Design Systems in the 4th quarter worth $9,958,000. Blue Trust Inc. boosted its holdings in Cadence Design Systems by 23.2% in the fourth quarter. Blue Trust Inc. now owns 5,854 shares of the software maker’s stock valued at $1,759,000 after acquiring an additional 1,102 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in Cadence Design Systems by 28.5% during the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,009 shares of the software maker’s stock valued at $303,000 after acquiring an additional 224 shares during the period. Finally, M3 Advisory Group LLC increased its stake in Cadence Design Systems by 6.5% during the fourth quarter. M3 Advisory Group LLC now owns 838 shares of the software maker’s stock worth $252,000 after acquiring an additional 51 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $299.30 on Wednesday. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. 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 stock has a market cap of $82.09 billion, a P/E ratio of 78.56, a price-to-earnings-growth ratio of 3.70 and a beta of 1.04. The stock has a 50 day moving average of $306.05 and a 200-day moving average of $284.72.

Cadence Design Systems (NASDAQ:CDNS) last posted 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 the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm’s revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.01 EPS. On average, analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Scannell sold 3,171 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the sale, the vice president now directly owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. This represents a 18.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the sale, the vice president now owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. The trade was a 1.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 108,416 shares of company stock valued at $33,528,267. Insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CDNS. Berenberg Bank assumed coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price for the company. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 price objective for the company. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Mizuho upped their price target 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. Finally, Needham & Company LLC cut their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $329.50.

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.