Everence Capital Management Inc. Sells 2,340 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Everence Capital Management Inc. decreased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 18.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 10,624 shares of the software maker’s stock after selling 2,340 shares during the quarter. Everence Capital Management Inc.’s holdings in Cadence Design Systems were worth $3,192,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dudley Capital Management LLC raised its position in shares of Cadence Design Systems by 4.3% in the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock worth $257,000 after acquiring an additional 39 shares during the period. Trust Point Inc. raised its holdings in Cadence Design Systems by 2.9% in the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after purchasing an additional 40 shares during the period. Falcon Wealth Planning boosted its position in Cadence Design Systems by 5.1% during the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock worth $222,000 after purchasing an additional 40 shares in the last quarter. Fifth Third Wealth Advisors LLC raised its stake in shares of Cadence Design Systems by 0.7% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after buying an additional 40 shares during the period. Finally, Venture Visionary Partners LLC lifted its position in shares of Cadence Design Systems by 2.5% during the 3rd quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock valued at $463,000 after buying an additional 41 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the sale, the vice president now directly owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. This represents a 1.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total transaction of $425,490.00. Following the transaction, the director now directly owns 42,051 shares of the company’s stock, valued at approximately $11,928,186.66. This trade represents a 3.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,220 shares of company stock worth $3,085,474. 1.99% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Robert W. Baird boosted their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Loop Capital initiated coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price target for the company. Mizuho lifted their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Finally, Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $327.92.

Cadence Design Systems Stock Up 1.4 %

NASDAQ:CDNS traded up $4.06 during mid-day trading on Friday, hitting $301.72. The stock had a trading volume of 231,023 shares, compared to its average volume of 672,849. 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 has a 50-day simple moving average of $300.69 and a two-hundred day simple moving average of $286.47. The company has a market capitalization of $82.75 billion, a PE ratio of 79.19, a PEG ratio of 4.19 and a beta of 1.03. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the firm posted $1.01 earnings per share. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS 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.