Rafferty Asset Management LLC Sells 406 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Rafferty Asset Management LLC lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 136,980 shares of the software maker’s stock after selling 406 shares during the quarter. Rafferty Asset Management LLC’s holdings in Cadence Design Systems were worth $41,157,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CDNS. Principal Financial Group Inc. grew its stake in shares of Cadence Design Systems by 10.7% in the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock worth $672,300,000 after purchasing an additional 216,075 shares during the last quarter. Pittenger & Anderson Inc. grew its stake in shares of Cadence Design Systems by 50.1% in the fourth quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock worth $1,589,000 after purchasing an additional 1,766 shares during the last quarter. Meridiem Investment Management Ltd. grew its stake in shares of Cadence Design Systems by 64.3% in the fourth quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock worth $235,625,000 after purchasing an additional 306,887 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Cadence Design Systems by 132.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock worth $41,850,000 after purchasing an additional 79,268 shares during the last quarter. Finally, Avanza Fonder AB bought a new stake in shares of Cadence Design Systems in the fourth quarter worth $6,046,000. Institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the sale, the vice president now directly owns 58,123 shares of the company’s stock, valued at $14,689,425.79. The trade was a 1.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Anirudh Devgan sold 10,737 shares of the business’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the sale, the chief executive officer now directly owns 209,548 shares of the company’s stock, valued at approximately $64,959,880. The trade was a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,577 shares of company stock valued at $5,316,411 over the last three months. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $319.39 on Thursday. The firm’s 50-day moving average price is $268.71 and its 200-day moving average price is $285.84. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99. The firm has a market capitalization of $87.21 billion, a P/E ratio of 82.74, a P/E/G ratio of 3.88 and a beta of 1.04. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.17 earnings per share. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Loop Capital reduced their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Rosenblatt Securities boosted their target price on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a “neutral” rating in a report on Tuesday, April 29th. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $300.00 to $325.00 in a report on Thursday, April 24th. Oppenheimer dropped their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a report on Wednesday, March 19th. Finally, Robert W. Baird boosted their target price on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $322.54.

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.