Signaturefd LLC Sells 773 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Signaturefd LLC lowered its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.2% in the 4th quarter, HoldingsChannel reports. The firm owned 10,035 shares of the software maker’s stock after selling 773 shares during the quarter. Signaturefd LLC’s holdings in Cadence Design Systems were worth $3,015,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Raymond James Financial Inc. bought a new stake in Cadence Design Systems during the fourth quarter valued at about $171,991,000. Principal Financial Group Inc. boosted its holdings in shares of Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after buying an additional 501,833 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Cadence Design Systems in the 4th quarter worth approximately $148,594,000. Proficio Capital Partners LLC bought a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $129,546,000. Finally, Jensen Investment Management Inc. purchased a new stake in Cadence Design Systems during the fourth quarter valued at approximately $126,571,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $255.11 on Tuesday. The company has a 50 day simple moving average of $281.46 and a two-hundred day simple moving average of $284.30. The stock has a market cap of $69.93 billion, a price-to-earnings ratio of 66.09, a PEG ratio of 3.88 and a beta of 1.05. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 12 month low of $230.09 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. As a group, analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the sale, the vice president now directly owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,245 shares of company stock valued at $32,534,498 over the last ninety days. Company insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on CDNS shares. Mizuho lifted their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Rosenblatt Securities boosted their target price on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Redburn Atlantic initiated coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. Robert W. Baird dropped their price target on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Finally, Piper Sandler increased their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $326.92.

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.