Cadence Design Systems, Inc. (NASDAQ:CDNS) Holdings Reduced by Ifrah Financial Services Inc.

Ifrah Financial Services Inc. lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,096 shares of the software maker’s stock after selling 432 shares during the quarter. Ifrah Financial Services Inc.’s holdings in Cadence Design Systems were worth $1,660,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Nordea Investment Management AB grew its position in Cadence Design Systems by 124.8% in the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after buying an additional 1,052,228 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after acquiring an additional 962,987 shares in the last quarter. Jennison Associates LLC increased its stake in shares of Cadence Design Systems by 8.7% during the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after acquiring an additional 564,085 shares during the period. Assenagon Asset Management S.A. raised its holdings in Cadence Design Systems by 261.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock worth $169,022,000 after purchasing an additional 448,918 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its position in Cadence Design Systems by 26,060.9% in the fourth quarter. International Assets Investment Management LLC now owns 278,090 shares of the software maker’s stock worth $757,430,000 after purchasing an additional 277,027 shares during the period. Institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several research analyst reports. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. Piper Sandler dropped their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. KeyCorp upped their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Monday, April 15th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Wells Fargo & Company increased their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $326.11.

Cadence Design Systems Trading Up 1.9 %

Shares of CDNS stock traded up $5.19 during trading hours on Friday, reaching $281.63. 1,371,195 shares of the stock traded hands, compared to its average volume of 1,806,029. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $76.64 billion, a PE ratio of 73.34, a PEG ratio of 3.32 and a beta of 1.06. Cadence Design Systems, Inc. has a 1-year low of $198.92 and a 1-year high of $327.36. The business has a fifty day moving average price of $302.02 and a 200 day moving average price of $282.12.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company’s revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.02 EPS. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

Insiders Place Their Bets

In related news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the transaction, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at $6,544,496.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cadence Design Systems news, Director James D. Plummer sold 2,412 shares of the company’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $315.40, for a total value of $760,744.80. Following the transaction, the director now directly owns 22,923 shares of the company’s stock, valued at approximately $7,229,914.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the sale, the senior vice president now owns 21,080 shares of the company’s stock, valued at $6,544,496.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 174,566 shares of company stock worth $52,649,105. 1.99% of the stock is currently 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.