Donaldson Capital Management LLC Sells 2,381 Shares of Cadence Design Systems, Inc. $CDNS

Donaldson Capital Management LLC lessened its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 12,230 shares of the software maker’s stock after selling 2,381 shares during the period. Donaldson Capital Management LLC’s holdings in Cadence Design Systems were worth $4,296,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Barrett & Company Inc. bought a new position in shares of Cadence Design Systems in the second quarter worth about $31,000. Strategic Wealth Investment Group LLC acquired a new stake in shares of Cadence Design Systems in the second quarter valued at approximately $32,000. Promus Capital LLC bought a new position in Cadence Design Systems in the 2nd quarter worth approximately $33,000. Robbins Farley acquired a new position in Cadence Design Systems during the 3rd quarter worth $35,000. Finally, Cloud Capital Management LLC bought a new position in Cadence Design Systems in the 3rd quarter valued at $35,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $296.36 on Friday. The company has a quick ratio of 2.84, a current ratio of 3.05 and a debt-to-equity ratio of 0.48. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $376.45. The firm has a fifty day moving average of $317.89 and a 200-day moving average of $333.02. The firm has a market capitalization of $80.67 billion, a price-to-earnings ratio of 76.38, a price-to-earnings-growth ratio of 3.38 and a beta of 1.02.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, CFO John M. Wall sold 27,805 shares of the stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $318.57, for a total value of $8,857,838.85. Following the completion of the sale, the chief financial officer directly owned 69,957 shares in the company, valued at $22,286,201.49. This represents a 28.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Anirudh Devgan sold 20,000 shares of the firm’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $340.00, for a total value of $6,800,000.00. Following the sale, the chief executive officer directly owned 195,844 shares in the company, valued at approximately $66,586,960. This represents a 9.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 62,025 shares of company stock valued at $20,369,946. Insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CDNS shares. Oppenheimer raised Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price target on the stock in a research note on Monday, December 1st. KeyCorp reaffirmed an “overweight” rating and issued a $405.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $390.00 to $418.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 28th. Weiss Ratings restated a “hold (c)” rating on shares of Cadence Design Systems in a report on Monday, December 29th. Finally, Wolfe Research reaffirmed an “outperform” rating and issued a $385.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Thirteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus target price of $379.59.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.