Interchange Capital Partners LLC Decreases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Interchange Capital Partners LLC lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 1,647 shares of the software maker’s stock after selling 44 shares during the quarter. Interchange Capital Partners LLC’s holdings in Cadence Design Systems were worth $495,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. Congress Wealth Management LLC DE grew its holdings in shares of Cadence Design Systems by 101.2% during the 4th quarter. Congress Wealth Management LLC DE now owns 4,888 shares of the software maker’s stock worth $1,469,000 after purchasing an additional 2,458 shares during the period. Vanguard Group Inc. grew its holdings in shares of Cadence Design Systems by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock worth $7,784,674,000 after purchasing an additional 201,340 shares during the period. Stevens Capital Management LP purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth about $221,000. LPL Financial LLC boosted its holdings in Cadence Design Systems by 5.1% in the 4th quarter. LPL Financial LLC now owns 326,194 shares of the software maker’s stock worth $98,008,000 after acquiring an additional 15,886 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new position in Cadence Design Systems in the 4th quarter worth approximately $29,295,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

CDNS stock opened at $262.42 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 firm has a market cap of $71.93 billion, a P/E ratio of 67.98, a P/E/G ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 12-month low of $230.09 and a 12-month high of $328.99. The stock’s 50 day simple moving average is $278.01 and its 200 day simple moving average is $284.19.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates 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, equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the transaction, the vice president now directly owns 58,773 shares of the company’s stock, valued at $17,180,523.36. The trade was a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,021 shares of company stock valued at $31,229,155 over the last three months. Company insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CDNS. Piper Sandler upped their price target on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Redburn Atlantic began coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. Oppenheimer decreased their price target on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a report on Wednesday, March 19th. Mizuho upped their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Finally, StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $324.83.

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.