Cape ANN Savings Bank Sells 128 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cape ANN Savings Bank decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,915 shares of the software maker’s stock after selling 128 shares during the period. Cape ANN Savings Bank’s holdings in Cadence Design Systems were worth $1,477,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CDNS. Missouri Trust & Investment Co acquired a new position in Cadence Design Systems in the third quarter valued at about $27,000. MidAtlantic Capital Management Inc. bought a new position in shares of Cadence Design Systems during the 3rd quarter valued at about $28,000. Golden State Wealth Management LLC acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at approximately $28,000. Versant Capital Management Inc increased its stake in Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after purchasing an additional 87 shares in the last quarter. Finally, Prestige Wealth Management Group LLC raised its holdings in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after buying an additional 60 shares during the period. Institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total value of $199,023.50. Following the transaction, the vice president now directly owns 60,461 shares of the company’s stock, valued at $18,512,553.59. This represents a 1.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction dated 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 directly owns 55,874 shares of the company’s stock, valued at $17,320,940. The trade was a 62.51 % decrease in their position. 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 90 days. Company insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective for the company. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Rosenblatt Securities upped their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Wells Fargo & Company initiated coverage on Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $326.92.

Cadence Design Systems Trading Down 4.4 %

NASDAQ CDNS opened at $258.27 on Monday. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock has a 50 day moving average of $300.54 and a 200-day moving average of $287.48. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The company has a market cap of $70.83 billion, a PE ratio of 66.91, a PEG ratio of 3.88 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. On average, equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

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.