Migdal Insurance & Financial Holdings Ltd. Sells 8,905 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Migdal Insurance & Financial Holdings Ltd. decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 73.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,265 shares of the software maker’s stock after selling 8,905 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in Cadence Design Systems were worth $891,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. DekaBank Deutsche Girozentrale increased its holdings in Cadence Design Systems by 34.5% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock valued at $91,775,000 after buying an additional 99,251 shares during the period. Miracle Mile Advisors LLC acquired a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $934,000. Pacer Advisors Inc. increased its stake in Cadence Design Systems by 9.4% in the fourth quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock valued at $11,006,000 after acquiring an additional 3,484 shares during the period. Patton Fund Management Inc. acquired a new position in Cadence Design Systems in the fourth quarter worth about $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc bought a new position in Cadence Design Systems during the fourth quarter worth about $55,443,000. Institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In other news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the transaction, the vice president now owns 156,156 shares in the company, valued at $46,375,208.88. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 4,500 shares of Cadence Design Systems stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total value of $1,350,000.00. Following the completion of the sale, the director now owns 54,683 shares of the company’s stock, valued at $16,404,900. The disclosure for this sale can be found here. In the last quarter, insiders have sold 177,544 shares of company stock valued at $53,581,207. 1.99% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on CDNS shares. Piper Sandler began coverage on Cadence Design Systems in a research note on Thursday, April 4th. They issued a “neutral” rating and a $334.00 price objective on the stock. Robert W. Baird upped their price target on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research report on Thursday. Wells Fargo & Company lifted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday. KeyCorp boosted their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Rosenblatt Securities cut shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and increased their target price for the stock from $265.00 to $280.00 in a research report on Tuesday, February 13th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $318.10.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $293.71 on Thursday. The stock has a 50-day simple moving average of $306.58 and a 200 day simple moving average of $279.35. The stock has a market capitalization of $79.96 billion, a price-to-earnings ratio of 76.89, a P/E/G ratio of 3.65 and a beta of 1.04. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. Cadence Design Systems, Inc. has a 12-month low of $194.01 and a 12-month high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the previous year, the firm posted $0.75 earnings per share. The company’s revenue was up 18.8% on a year-over-year basis. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 4.82 earnings per share for the current fiscal 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.