Dodge & Cox Sells 7,714 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) (2024)

Posted by Defense World Staff on Jun 16th, 2024

Dodge & Cox decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 2.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 274,851 shares of the software maker’s stock after selling 7,714 shares during the quarter. Dodge & Cox owned 0.10% of Cadence Design Systems worth $74,861,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Valley National Advisers Inc. boosted its position in Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after buying an additional 47 shares during the period. Fortitude Family Office LLC purchased a new position in Cadence Design Systems during the 4th quarter valued at about $28,000. Union Savings Bank bought a new position in Cadence Design Systems during the 4th quarter valued at approximately $33,000. Rakuten Securities Inc. purchased a new stake in Cadence Design Systems in the 4th quarter worth approximately $45,000. Finally, Catalyst Capital Advisors LLC grew its position in shares of Cadence Design Systems by 34.7% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock worth $47,000 after buying an additional 52 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 48,533 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $302.50, for a total transaction of $14,681,232.50. Following the sale, the chief executive officer now owns 67,812 shares in the company, valued at $20,513,130. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, CEO Anirudh Devgan sold 48,533 shares of the company’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $302.50, for a total transaction of $14,681,232.50. Following the transaction, the chief executive officer now directly owns 67,812 shares of the company’s stock, valued at $20,513,130. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Aneel Zaman sold 23,592 shares of Cadence Design Systems stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $302.52, for a total value of $7,137,051.84. Following the completion of the sale, the vice president now owns 24,499 shares of the company’s stock, valued at $7,411,437.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 133,459 shares of company stock worth $40,344,198. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $312.10 on Friday. Cadence Design Systems, Inc. has a twelve month low of $217.77 and a twelve month high of $327.36. 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 company has a market capitalization of $85.02 billion, a P/E ratio of 81.28, a PEG ratio of 3.82 and a beta of 1.04. The stock’s 50 day moving average is $291.45 and its 200 day moving average is $290.39.

Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last released its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.02 earnings per share. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Bank of America upped their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Wells Fargo & Company lifted 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. Robert W. Baird increased their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Monday, April 22nd. Finally, Piper Sandler lowered their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday, April 23rd. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $331.11.

Read Our Latest Research Report on CDNS