Peregrine Capital Management LLC Sells 4,054 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Peregrine Capital Management LLC lessened its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 84,353 shares of the software maker’s stock after selling 4,054 shares during the period. Cadence Design Systems accounts for about 0.8% of Peregrine Capital Management LLC’s investment portfolio, making the stock its 27th biggest holding. Peregrine Capital Management LLC’s holdings in Cadence Design Systems were worth $25,345,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Missouri Trust & Investment Co bought a new stake in Cadence Design Systems during the third quarter worth approximately $27,000. MidAtlantic Capital Management Inc. acquired a new stake in shares of Cadence Design Systems in the third quarter worth $28,000. Golden State Wealth Management LLC bought a new stake in shares of Cadence Design Systems during the 4th quarter worth $28,000. Versant Capital Management Inc grew its stake in Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after buying an additional 87 shares during the last quarter. Finally, Prestige Wealth Management Group LLC raised its holdings in Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after acquiring an additional 60 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Needham & Company LLC decreased their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Mizuho increased 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. Robert W. Baird boosted their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $326.08.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. This trade represents a 9.58 % 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 Scannell sold 3,171 shares of the business’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 value of $969,628.38. Following the completion of the transaction, the vice president now directly owns 14,318 shares in the company, valued at $4,378,158.04. The trade was a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock worth $33,538,875 over the last three months. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 0.3 %

CDNS stock opened at $295.19 on Tuesday. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year 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 business’s 50 day moving average is $303.30 and its 200-day moving average is $286.56. The firm has a market cap of $80.96 billion, a P/E ratio of 77.48, a P/E/G ratio of 3.50 and a beta of 1.03.

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.