Truist Financial Corp Reduces Stake in Cadence Design Systems, Inc. $CDNS

Truist Financial Corp trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 73,202 shares of the software maker’s stock after selling 4,449 shares during the quarter. Truist Financial Corp’s holdings in Cadence Design Systems were worth $25,713,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Hutchens & Kramer Investment Management Group LLC lifted its position in shares of Cadence Design Systems by 4.0% during the 3rd quarter. Hutchens & Kramer Investment Management Group LLC now owns 1,899 shares of the software maker’s stock worth $667,000 after buying an additional 73 shares during the last quarter. J. Safra Sarasin Holding AG boosted its position in shares of Cadence Design Systems by 7.7% in the 3rd quarter. J. Safra Sarasin Holding AG now owns 96,752 shares of the software maker’s stock valued at $33,985,000 after purchasing an additional 6,879 shares during the period. Phoenix Financial Ltd. grew its stake in Cadence Design Systems by 50.3% during the 3rd quarter. Phoenix Financial Ltd. now owns 9,978 shares of the software maker’s stock worth $3,505,000 after buying an additional 3,340 shares during the last quarter. Stonegate Investment Group LLC acquired a new position in Cadence Design Systems during the third quarter worth approximately $240,000. Finally, EFG Asset Management North America Corp. lifted its stake in Cadence Design Systems by 22.3% in the third quarter. EFG Asset Management North America Corp. now owns 16,172 shares of the software maker’s stock valued at $5,682,000 after buying an additional 2,949 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CDNS. Wolfe Research reaffirmed an “outperform” rating and issued a $385.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 28th. Oppenheimer upgraded Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price target on the stock in a research report on Monday, December 1st. KeyCorp reaffirmed an “overweight” rating and set a $405.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Robert W. Baird upped their price target on Cadence Design Systems from $390.00 to $418.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 28th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $390.00 price objective on shares of Cadence Design Systems in a research note on Monday, December 22nd. Thirteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $379.59.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $296.36 on Friday. The stock has a fifty day moving average price of $317.89 and a 200 day moving average price of $332.92. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.84 and a current ratio of 3.05. The stock has a market cap of $80.67 billion, a PE ratio of 76.38, a P/E/G ratio of 3.38 and a beta of 1.02. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $376.45.

Insiders Place Their Bets

In related news, CEO Anirudh Devgan sold 20,000 shares of Cadence Design Systems stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $340.00, for a total transaction of $6,800,000.00. Following the completion of the sale, the chief executive officer owned 195,844 shares in the company, valued at approximately $66,586,960. This trade represents a 9.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John M. Wall sold 27,805 shares of the company’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $318.57, for a total transaction of $8,857,838.85. Following the completion of the transaction, the chief financial officer owned 69,957 shares in the company, valued at approximately $22,286,201.49. This trade represents a 28.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 62,025 shares of company stock valued at $20,369,946. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Company Profile

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.