TD Private Client Wealth LLC Has $3.93 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

TD Private Client Wealth LLC trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 25.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,090 shares of the software maker’s stock after selling 4,386 shares during the quarter. TD Private Client Wealth LLC’s holdings in Cadence Design Systems were worth $3,933,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CDNS. Golden State Wealth Management LLC bought a new stake in shares of Cadence Design Systems during the 4th quarter valued at $28,000. Avalon Trust Co bought a new stake in shares of Cadence Design Systems during the 4th quarter valued at $39,000. Versant Capital Management Inc lifted its position in shares of Cadence Design Systems by 164.2% during 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. Prestige Wealth Management Group LLC lifted its position in shares of Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after acquiring an additional 60 shares during the period. Finally, OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems during the 4th quarter valued at $46,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the sale, the vice president now owns 58,773 shares of the company’s stock, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $16,987,930.96. This represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 101,021 shares of company stock valued at $31,229,155. Company insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CDNS. Piper Sandler upped their target price on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Wells Fargo & Company assumed coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective for the company. Loop Capital dropped 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. Oppenheimer dropped their price objective on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research report on Wednesday. Finally, Mizuho upped their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $324.83.

Cadence Design Systems Trading Up 1.5 %

Shares of CDNS stock opened at $262.42 on Friday. The stock has a market cap of $71.93 billion, a price-to-earnings ratio of 67.98, a PEG ratio of 3.88 and a beta of 1.05. The stock has a 50-day moving average of $278.01 and a 200-day moving average of $283.79. 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, Inc. has a 1-year low of $230.09 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued 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 company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.