Perennial Investment Advisors LLC Cuts Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Perennial Investment Advisors LLC cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 19.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,153 shares of the software maker’s stock after selling 530 shares during the period. Perennial Investment Advisors LLC’s holdings in Cadence Design Systems were worth $647,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Golden State Wealth Management LLC purchased a new position in Cadence Design Systems during the fourth quarter worth approximately $28,000. Avalon Trust Co purchased a new position in shares of Cadence Design Systems during the 4th quarter valued at approximately $39,000. Versant Capital Management Inc grew its stake in Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after acquiring an additional 87 shares during the period. OFI Invest Asset Management purchased a new stake in Cadence Design Systems in the 4th quarter worth $46,000. Finally, Prestige Wealth Management Group LLC raised its position in Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after acquiring an additional 60 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $17,320,940. This trade 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 business’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the completion of the sale, the vice president now directly owns 108,799 shares in the company, valued at $27,486,979.36. This trade represents a 0.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 95,101 shares of company stock valued at $29,395,309 over the last quarter. 1.99% of the stock is owned by insiders.

Cadence Design Systems Trading Down 6.4 %

Shares of CDNS opened at $232.88 on Friday. Cadence Design Systems, Inc. has a 12-month low of $230.09 and a 12-month high of $328.99. The firm has a market capitalization of $63.88 billion, a P/E ratio of 60.33, a P/E/G ratio of 3.88 and a beta of 1.05. The firm has a 50-day moving average price of $268.08 and a 200 day moving average price of $283.75. 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 quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Upgrades and Downgrades

CDNS has been the topic of several research analyst reports. Piper Sandler lifted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Needham & Company LLC reiterated a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, February 19th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Loop Capital dropped their price target 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. Finally, Bank of America reduced their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $324.83.

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.