Crossmark Global Holdings Inc. Trims Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Crossmark Global Holdings Inc. trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) by 0.7% in the fourth quarter, HoldingsChannel reports. The firm owned 15,176 shares of the software maker’s stock after selling 104 shares during the period. 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 institutional investors have also recently modified their holdings of the company. Ballentine Partners LLC increased its position in Cadence Design Systems by 24.1% during the fourth quarter. Ballentine Partners LLC now owns 2,918 shares of the software maker’s stock worth $877,000 after buying an additional 567 shares in the last quarter. Koshinski Asset Management Inc. purchased a new stake in Cadence Design Systems during the 4th quarter worth about $202,000. Zhang Financial LLC acquired a new position in Cadence Design Systems in the 4th quarter valued at about $381,000. UMB Bank n.a. lifted its holdings in Cadence Design Systems by 42.4% in the 4th quarter. UMB Bank n.a. now owns 846 shares of the software maker’s stock valued at $254,000 after purchasing an additional 252 shares in the last quarter. Finally, Grove Bank & Trust boosted its stake in shares of Cadence Design Systems by 5.6% during the 4th quarter. Grove Bank & Trust now owns 925 shares of the software maker’s stock worth $278,000 after purchasing an additional 49 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Stock Up 3.4 %

Shares of Cadence Design Systems stock opened at $321.49 on Thursday. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The stock has a market cap of $88.17 billion, a price-to-earnings ratio of 84.38, a price-to-earnings-growth ratio of 3.51 and a beta of 1.04. 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 company has a fifty day moving average price of $304.79 and a 200 day moving average price of $284.80.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last posted its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.01 earnings per share. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the sale, the vice president now owns 59,311 shares in the company, valued at approximately $18,080,365.24. The trade was a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 108,416 shares of company stock valued at $33,528,267. Corporate insiders own 0.62% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Redburn Atlantic initiated coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective for the company. Wells Fargo & Company began coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price on the stock. Needham & Company LLC lowered their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Finally, Mizuho increased their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $329.50.

Read Our Latest Stock Report on Cadence Design Systems

Cadence Design Systems Company Profile

(Free Report)

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.

See Also

Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report).

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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