Cadence Design Systems, Inc. $CDNS Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. decreased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 89.0% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,173 shares of the software maker’s stock after selling 9,475 shares during the quarter. Federated Hermes Inc.’s holdings in Cadence Design Systems were worth $412,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Tiemann Investment Advisors LLC raised its holdings in shares of Cadence Design Systems by 2.9% during the 2nd quarter. Tiemann Investment Advisors LLC now owns 1,050 shares of the software maker’s stock worth $324,000 after acquiring an additional 30 shares during the period. Occidental Asset Management LLC increased its position in Cadence Design Systems by 2.3% during the third quarter. Occidental Asset Management LLC now owns 1,321 shares of the software maker’s stock worth $464,000 after purchasing an additional 30 shares during the last quarter. Whittier Trust Co. raised its stake in Cadence Design Systems by 0.4% during the third quarter. Whittier Trust Co. now owns 7,072 shares of the software maker’s stock worth $2,456,000 after purchasing an additional 30 shares during the period. Cornerstone Wealth Group LLC boosted its holdings in Cadence Design Systems by 4.3% in the 3rd quarter. Cornerstone Wealth Group LLC now owns 777 shares of the software maker’s stock valued at $273,000 after purchasing an additional 32 shares during the last quarter. Finally, KRS Capital Management LLC boosted its holdings in Cadence Design Systems by 1.4% in the 3rd quarter. KRS Capital Management LLC now owns 2,425 shares of the software maker’s stock valued at $852,000 after purchasing an additional 33 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insiders Place Their Bets

In related news, CFO John M. Wall sold 27,805 shares of Cadence Design Systems stock in a transaction on 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 transaction, the chief financial officer directly owned 69,957 shares in the company, valued at approximately $22,286,201.49. This trade represents a 28.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $295.09, for a total value of $295,090.00. Following the transaction, the vice president directly owned 95,137 shares of the company’s stock, valued at $28,073,977.33. The trade was a 1.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 56,475 shares of company stock valued at $18,505,486. 0.37% of the stock is owned by company insiders.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $283.44 on Monday. 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 52-week low of $221.56 and a 52-week high of $376.45. The firm has a market cap of $77.15 billion, a PE ratio of 73.05, a price-to-earnings-growth ratio of 3.15 and a beta of 1.01. The company’s 50 day moving average is $314.89 and its two-hundred day moving average is $331.63.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Robert W. Baird increased their price objective on Cadence Design Systems from $390.00 to $418.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 28th. KeyCorp reissued an “overweight” rating and set a $405.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Rosenblatt Securities upped their target price on shares of Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a research report on Tuesday, October 28th. Wolfe Research reaffirmed an “outperform” rating and set a $385.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Finally, Oppenheimer raised shares of 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. Thirteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.