Cadence Design Systems, Inc. (NASDAQ:CDNS) Stake Trimmed by Ausdal Financial Partners Inc.

Ausdal Financial Partners Inc. reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,029 shares of the software maker’s stock after selling 96 shares during the period. Ausdal Financial Partners Inc.’s holdings in Cadence Design Systems were worth $309,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Golden State Wealth Management LLC purchased a new position in shares of Cadence Design Systems during the 4th quarter valued at $28,000. Avalon Trust Co acquired a new position in Cadence Design Systems during the fourth quarter worth $39,000. Versant Capital Management Inc raised its holdings in Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after buying an additional 87 shares in 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 during the last quarter. Finally, OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems during the 4th quarter worth about $46,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CDNS has been the subject of several analyst reports. Needham & Company LLC restated a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a report on Wednesday, February 19th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Bank of America cut their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Piper Sandler lifted their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Finally, Rosenblatt Securities increased their target price on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average target price of $324.83.

Insider Buying and Selling

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 transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the sale, the vice president now directly owns 59,311 shares in the company, valued at approximately $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 company insiders.

Cadence Design Systems Stock Down 2.2 %

Shares of CDNS stock opened at $256.69 on Friday. The stock has a market cap of $70.36 billion, a P/E ratio of 66.50, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The stock has a fifty day moving average price of $274.55 and a 200 day moving average price of $284.19. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted 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). The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share 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.