Paradiem LLC Sells 6,002 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Paradiem LLC lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 28.5% during the fourth quarter, Holdings Channel reports. The fund owned 15,036 shares of the software maker’s stock after selling 6,002 shares during the period. Paradiem LLC’s holdings in Cadence Design Systems were worth $4,095,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Jennison Associates LLC lifted its position in Cadence Design Systems by 8.7% during the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after purchasing an additional 564,085 shares during the period. Northern Trust Corp lifted its position in Cadence Design Systems by 5.6% during the 3rd quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock valued at $701,927,000 after purchasing an additional 158,031 shares during the period. Invesco Ltd. lifted its position in Cadence Design Systems by 4.9% during the 3rd quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock valued at $471,480,000 after purchasing an additional 93,984 shares during the period. Nordea Investment Management AB lifted its position in Cadence Design Systems by 124.8% during the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after purchasing an additional 1,052,228 shares during the period. Finally, Wellington Management Group LLP lifted its position in Cadence Design Systems by 143.3% during the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after purchasing an additional 962,987 shares during the period. Institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the transaction, the director now directly owns 53,183 shares of the company’s stock, valued at approximately $15,924,053.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction of $449,130.00. Following the transaction, the director now directly owns 53,183 shares of the company’s stock, valued at $15,924,053.86. The disclosure for this sale can be found here. In the last three months, insiders have sold 173,044 shares of company stock worth $52,231,207. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Up 1.9 %

CDNS stock traded up $5.33 during mid-day trading on Friday, hitting $282.41. 2,141,655 shares of the company were exchanged, compared to its average volume of 1,576,006. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.13 and a current ratio of 1.32. The firm has a market cap of $76.85 billion, a P/E ratio of 73.54, a P/E/G ratio of 3.32 and a beta of 1.04. The firm’s 50 day simple moving average is $303.85 and its 200 day simple moving average is $281.40. Cadence Design Systems, Inc. has a 1-year low of $198.92 and a 1-year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping the consensus estimate of $1.13 by $0.04. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period last year, the company posted $1.02 EPS. On average, sell-side analysts predict that Cadence Design Systems, Inc. will post 4.78 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CDNS. Wells Fargo & Company upped their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. StockNews.com upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Wednesday. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. Piper Sandler cut their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, April 19th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $326.11.

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.