GraniteShares Advisors LLC Sells 757 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

GraniteShares Advisors LLC decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 18.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,344 shares of the software maker’s stock after selling 757 shares during the quarter. GraniteShares Advisors LLC’s holdings in Cadence Design Systems were worth $1,005,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of CDNS. Avior Wealth Management LLC boosted its position in shares of Cadence Design Systems by 12.4% during the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock valued at $98,000 after buying an additional 36 shares during the last quarter. Dudley Capital Management LLC boosted its position in shares of Cadence Design Systems by 4.3% during the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock valued at $257,000 after buying an additional 39 shares during the last quarter. Falcon Wealth Planning boosted its position in shares of Cadence Design Systems by 5.1% during the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after buying an additional 40 shares during the last quarter. Fifth Third Wealth Advisors LLC boosted its position in shares of Cadence Design Systems by 0.7% during the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock valued at $1,501,000 after buying an additional 40 shares during the last quarter. Finally, Paragon Advisors LLC boosted its position in shares of Cadence Design Systems by 0.6% during the third quarter. Paragon Advisors LLC now owns 6,465 shares of the software maker’s stock valued at $1,752,000 after buying an additional 41 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on CDNS shares. Mizuho lifted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Rosenblatt Securities boosted their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Redburn Atlantic assumed coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective on the stock. Needham & Company LLC reissued a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Finally, StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. One equities research 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, the company has a consensus rating of “Moderate Buy” and a consensus target price of $326.92.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $248.90 on Wednesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The firm has a market cap of $68.26 billion, a price-to-earnings ratio of 64.48, a PEG ratio of 3.88 and a beta of 1.03. The business’s fifty day moving average is $298.08 and its 200 day moving average is $287.22.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares in the company, valued at $4,378,158.04. This represents a 18.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,416 shares of company stock worth $33,538,875. 1.99% of the stock is owned by company insiders.

About Cadence Design Systems

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.