Alerus Financial NA Has $10.13 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Alerus Financial NA trimmed its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 33,709 shares of the software maker’s stock after selling 1,493 shares during the period. Cadence Design Systems makes up about 0.8% of Alerus Financial NA’s investment portfolio, making the stock its 21st biggest position. Alerus Financial NA’s holdings in Cadence Design Systems were worth $10,128,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Level Four Advisory Services LLC acquired a new position in shares of Cadence Design Systems during the fourth quarter valued at $364,000. Premier Fund Managers Ltd grew its stake in shares of Cadence Design Systems by 109.3% during the fourth quarter. Premier Fund Managers Ltd now owns 65,637 shares of the software maker’s stock worth $19,813,000 after purchasing an additional 34,281 shares during the period. Orion Portfolio Solutions LLC increased its holdings in Cadence Design Systems by 0.9% in the fourth quarter. Orion Portfolio Solutions LLC now owns 17,549 shares of the software maker’s stock valued at $5,273,000 after purchasing an additional 165 shares during the last quarter. AKO Capital LLP boosted its holdings in Cadence Design Systems by 12.8% during the fourth quarter. AKO Capital LLP now owns 223,944 shares of the software maker’s stock worth $67,286,000 after buying an additional 25,366 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Cadence Design Systems during the 4th quarter worth about $1,170,209,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Mizuho lifted their price objective 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. Robert W. Baird decreased their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Bank of America reduced their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Redburn Atlantic initiated coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. Finally, Loop Capital decreased their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $324.83.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the transaction, the vice president now owns 59,311 shares in the company, valued at approximately $18,080,365.24. This trade represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 101,021 shares of company stock valued at $31,229,155. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 0.3 %

NASDAQ CDNS opened at $262.54 on Friday. The company has a market cap of $71.96 billion, a PE ratio of 68.02, a PEG ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 12 month low of $230.09 and a 12 month high of $328.99. The stock has a 50 day moving average of $275.52 and a 200-day moving average of $284.16. 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 announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. On average, equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Cadence Design Systems Company 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.