Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Crossmark Global Holdings Inc.

Crossmark Global Holdings Inc. reduced its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 15,176 shares of the software maker’s stock after selling 104 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Cadence Design Systems were worth $4,560,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Public Sector Pension Investment Board increased its stake in shares of Cadence Design Systems by 72.4% during the second quarter. Public Sector Pension Investment Board now owns 10,398 shares of the software maker’s stock worth $3,200,000 after buying an additional 4,366 shares during the period. Evergreen Capital Management LLC increased its position in shares of Cadence Design Systems by 6.4% in the 2nd quarter. Evergreen Capital Management LLC now owns 2,739 shares of the software maker’s stock valued at $843,000 after purchasing an additional 165 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of Cadence Design Systems by 60.2% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 52,212 shares of the software maker’s stock valued at $16,068,000 after purchasing an additional 19,627 shares in the last quarter. Insigneo Advisory Services LLC purchased a new stake in shares of Cadence Design Systems during the 2nd quarter worth $518,000. Finally, Fred Alger Management LLC grew its stake in shares of Cadence Design Systems by 22.7% during the second quarter. Fred Alger Management LLC now owns 486,211 shares of the software maker’s stock worth $149,631,000 after purchasing an additional 89,943 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 3.4 %

NASDAQ:CDNS opened at $321.49 on Thursday. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The stock’s 50 day simple moving average is $304.79 and its 200-day simple moving average is $284.80. The firm has a market cap of $88.17 billion, a P/E ratio of 84.38, a PEG ratio of 3.51 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter last year, the business earned $1.01 EPS. The business’s revenue was up 18.8% on a year-over-year basis. Equities analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of recent analyst reports. Berenberg Bank began coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target for the company. Needham & Company LLC dropped their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective for the company. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Finally, Oppenheimer started coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $329.50.

Insiders Place Their Bets

In other news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the sale, the vice president now directly owns 61,111 shares in the company, valued at approximately $16,866,636. This represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 108,416 shares of company stock worth $33,528,267. Company insiders own 0.62% of the company’s stock.

About Cadence Design Systems

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.