Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Bank of Montreal Can

Bank of Montreal Can decreased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 3.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 427,873 shares of the software maker's stock after selling 13,240 shares during the quarter. Bank of Montreal Can owned approximately 0.16% of Cadence Design Systems worth $128,559,000 as of its most recent filing with the SEC.

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Other institutional investors and hedge funds have also recently bought and sold shares of the company. Golden State Wealth Management LLC acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at approximately $28,000. Avalon Trust Co acquired a new stake in Cadence Design Systems in the fourth quarter valued at $39,000. Versant Capital Management Inc boosted its stake in 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 last quarter. Prestige Wealth Management Group LLC grew its holdings in 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 worth $45,000 after acquiring an additional 60 shares in the last quarter. Finally, OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems in the 4th quarter worth about $46,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the sale, the vice president now directly owns 58,123 shares in the company, valued at approximately $14,689,425.79. The trade was a 1.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 1,950 shares of company stock valued at $518,499 over the last 90 days. 1.99% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

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CDNS has been the subject of a number of research reports. Rosenblatt Securities lifted their price target on Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Loop Capital lowered their price target on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. StockNews.com lowered Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Bank of America lowered their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. Finally, Redburn Atlantic began coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a "buy" rating and a $350.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and an average price target of $324.83.

View Our Latest Analysis on CDNS

Cadence Design Systems Price Performance

• Cadence: Long Term Outlook Still Strong Despite Double-Digit Drop

Shares of NASDAQ:CDNS opened at $233.82 on Tuesday. The firm's 50 day moving average is $266.96 and its two-hundred day moving average is $283.52. The firm has a market capitalization of $64.14 billion, a P/E ratio of 60.58, a PEG ratio of 3.88 and a beta of 1.14. 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 52 week low of $221.56 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate 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 business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Cadence Design Systems 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.

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