CI Investments Inc. cut its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 12.6% in the first quarter, Holdings Channel reports. The fund owned 42,017 shares of the software maker’s stock after selling 6,038 shares during the quarter. CI Investments Inc.’s holdings in Cadence Design Systems were worth $11,675,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in CDNS. Pinnacle Wealth Management Advisory Group LLC lifted its position in shares of Cadence Design Systems by 3.1% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,033 shares of the software maker’s stock worth $287,000 after purchasing an additional 31 shares during the period. Westfuller Advisors LLC boosted its stake in shares of Cadence Design Systems by 8.2% during the first quarter. Westfuller Advisors LLC now owns 408 shares of the software maker’s stock valued at $113,000 after purchasing an additional 31 shares in the last quarter. Spirepoint Private Client LLC increased its holdings in Cadence Design Systems by 4.6% during the fourth quarter. Spirepoint Private Client LLC now owns 722 shares of the software maker’s stock valued at $226,000 after buying an additional 32 shares during the period. Cornerstone Planning Group LLC raised its stake in Cadence Design Systems by 32.0% in the first quarter. Cornerstone Planning Group LLC now owns 132 shares of the software maker’s stock worth $37,000 after buying an additional 32 shares in the last quarter. Finally, Townsquare Capital LLC raised its stake in Cadence Design Systems by 3.6% in the fourth quarter. Townsquare Capital LLC now owns 977 shares of the software maker’s stock worth $305,000 after buying an additional 34 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.
Cadence Design Systems Stock Down 2.2%
NASDAQ:CDNS opened at $337.01 on Thursday. The company has a current ratio of 1.47, a quick ratio of 1.32 and a debt-to-equity ratio of 0.38. Cadence Design Systems, Inc. has a twelve month low of $262.75 and a twelve month high of $416.69. The company has a market cap of $92.95 billion, a PE ratio of 78.56, a P/E/G ratio of 4.08 and a beta of 1.15. The company’s 50 day moving average is $374.79 and its two-hundred day moving average is $329.15.
Insider Buying and Selling
In other news, VP Paul Cunningham sold 2,000 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $391.00, for a total value of $782,000.00. Following the transaction, the vice president directly owned 126,586 shares of the company’s stock, valued at approximately $49,495,126. This represents a 1.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Scannell sold 10,500 shares of the firm’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $339.00, for a total value of $3,559,500.00. Following the completion of the transaction, the vice president owned 33,946 shares of the company’s stock, valued at approximately $11,507,694. The trade was a 23.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 157,057 shares of company stock worth $60,272,277 over the last three months. Corporate insiders own 0.49% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts have recently commented on CDNS shares. Robert W. Baird boosted their price target on Cadence Design Systems from $381.00 to $385.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. Stifel Nicolaus lifted their target price on Cadence Design Systems from $395.00 to $432.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Piper Sandler boosted their target price on shares of Cadence Design Systems from $319.00 to $325.00 and gave the stock a “neutral” rating in a report on Tuesday, April 28th. KeyCorp raised their price target on shares of Cadence Design Systems from $405.00 to $425.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $400.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $393.65.
Read Our Latest Analysis on Cadence Design Systems
About Cadence Design Systems
Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.
The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.
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