Harvest Fund Management Co. Ltd Cuts Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Harvest Fund Management Co. Ltd lessened its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,113 shares of the software maker’s stock after selling 220 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Cadence Design Systems were worth $1,921,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Parkside Financial Bank & Trust lifted its stake in shares of Cadence Design Systems by 8.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock worth $140,000 after acquiring an additional 38 shares during the last quarter. Highview Capital Management LLC DE raised its position in Cadence Design Systems by 0.8% during the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock valued at $1,411,000 after purchasing an additional 39 shares in the last quarter. BSW Wealth Partners raised its position in Cadence Design Systems by 2.8% during the 4th quarter. BSW Wealth Partners now owns 1,624 shares of the software maker’s stock valued at $442,000 after purchasing an additional 44 shares in the last quarter. Lindbrook Capital LLC raised its position in Cadence Design Systems by 2.5% during the 3rd quarter. Lindbrook Capital LLC now owns 1,844 shares of the software maker’s stock valued at $432,000 after purchasing an additional 45 shares in the last quarter. Finally, Savant Capital LLC raised its position in Cadence Design Systems by 2.7% during the 3rd quarter. Savant Capital LLC now owns 1,733 shares of the software maker’s stock valued at $406,000 after purchasing an additional 45 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 1.1 %

CDNS stock traded down $3.26 on Tuesday, hitting $281.76. 4,680,143 shares of the company’s stock were exchanged, compared to its average volume of 1,556,322. Cadence Design Systems, Inc. has a 12-month low of $194.01 and a 12-month high of $327.36. The firm has a 50 day moving average price of $304.84 and a two-hundred day moving average price of $280.99. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. The stock has a market cap of $76.71 billion, a P/E ratio of 73.76, a price-to-earnings-growth ratio of 3.41 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same period in the previous year, the business earned $1.02 EPS. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. As a group, equities research analysts expect that Cadence Design Systems, Inc. will post 4.81 EPS for the current fiscal year.

Analysts Set New Price Targets

CDNS has been the subject of a number of research analyst reports. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, April 16th. KeyCorp lifted their target price on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Piper Sandler decreased their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Finally, Robert W. Baird boosted their price target on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $316.50.

Insider Buying and Selling

In related news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the transaction, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares in the company, valued at approximately $46,375,208.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 1,454 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the sale, the chief executive officer now owns 136,455 shares in the company, valued at approximately $41,468,674.50. The disclosure for this sale can be found here. Insiders have sold a total of 177,544 shares of company stock worth $53,581,207 in the last ninety days. 0.62% of the stock is owned by insiders.

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.