Cadence Design Systems, Inc. $CDNS Shares Sold by Cypress Funds LLC

Cypress Funds LLC cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 30.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 124,817 shares of the software maker’s stock after selling 54,099 shares during the quarter. Cadence Design Systems makes up 5.7% of Cypress Funds LLC’s portfolio, making the stock its 10th largest holding. Cypress Funds LLC’s holdings in Cadence Design Systems were worth $43,843,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in CDNS. Strategic Wealth Investment Group LLC bought a new position in Cadence Design Systems during the 2nd quarter valued at about $32,000. Promus Capital LLC bought a new position in shares of Cadence Design Systems in the second quarter valued at approximately $33,000. Robbins Farley acquired a new position in shares of Cadence Design Systems in the 3rd quarter worth approximately $35,000. Cloud Capital Management LLC bought a new stake in Cadence Design Systems during the 3rd quarter worth approximately $35,000. Finally, Heartwood Wealth Advisors LLC acquired a new stake in Cadence Design Systems during the 3rd quarter valued at $39,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $299.46 on Monday. The stock has a 50-day moving average of $311.67 and a 200-day moving average of $329.86. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.84. The stock has a market cap of $81.51 billion, a PE ratio of 77.18, a price-to-earnings-growth ratio of 3.33 and a beta of 1.01. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $376.45.

Insiders Place Their Bets

In other news, CFO John M. Wall sold 27,805 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer directly owned 69,957 shares of the company’s stock, valued at $22,286,201.49. This trade represents a 28.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $337.48, for a total transaction of $60,746.40. Following the transaction, the director directly owned 7,650 shares of the company’s stock, valued at approximately $2,581,722. This trade represents a 2.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 56,475 shares of company stock valued at $18,505,486 in the last quarter. Company insiders own 0.37% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Cadence Design Systems in a research note on Monday, December 29th. Robert W. Baird lifted their price target on Cadence Design Systems from $390.00 to $418.00 and gave the company an “outperform” rating in a 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 report on Tuesday, October 28th. Rosenblatt Securities boosted their target price on shares of Cadence Design Systems from $320.00 to $335.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 28th. Finally, JPMorgan Chase & Co. upped their target price on shares of Cadence Design Systems from $390.00 to $405.00 and gave the stock an “overweight” rating in a research report 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. Based on data from MarketBeat, the company currently 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.