GM Advisory Group LLC Cuts Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

GM Advisory Group LLC trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 670 shares of the software maker’s stock after selling 68 shares during the period. GM Advisory Group LLC’s holdings in Cadence Design Systems were worth $201,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new stake in Cadence Design Systems in the 4th quarter valued at $28,000. Avalon Trust Co purchased a new position in shares of Cadence Design Systems during the fourth quarter valued at about $39,000. Versant Capital Management Inc increased its holdings in shares of Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after purchasing an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC lifted its position in shares of Cadence Design Systems by 56.6% in the third 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 in the last quarter. Finally, OFI Invest Asset Management bought a new position in Cadence Design Systems during the fourth quarter valued at approximately $46,000. Institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction on 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 completion of 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the transaction, the vice president now directly owns 59,311 shares in the company, valued at $18,080,365.24. The trade was a 1.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,021 shares of company stock worth $31,229,155 in the last 90 days. 1.99% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Bank of America reduced their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target on the stock. Robert W. Baird lowered their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. Rosenblatt Securities boosted their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Finally, Oppenheimer decreased their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $324.83.

Cadence Design Systems Trading Up 1.9 %

CDNS opened at $258.70 on Thursday. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The stock has a market cap of $70.91 billion, a price-to-earnings ratio of 67.02, a P/E/G ratio of 3.88 and a beta of 1.05. The stock’s 50 day moving average price is $279.62 and its 200-day moving average price is $284.01.

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