Flagship Harbor Advisors LLC Decreases Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Flagship Harbor Advisors LLC trimmed its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 890 shares of the software maker’s stock after selling 70 shares during the period. Flagship Harbor Advisors LLC’s holdings in Cadence Design Systems were worth $267,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. B.O.S.S. Retirement Advisors LLC acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at about $886,000. Linden Thomas Advisory Services LLC raised its position in shares of Cadence Design Systems by 8.3% in the fourth quarter. Linden Thomas Advisory Services LLC now owns 14,673 shares of the software maker’s stock valued at $4,409,000 after buying an additional 1,121 shares during the last quarter. Dynamic Advisor Solutions LLC raised its position in shares of Cadence Design Systems by 2.1% in the fourth quarter. Dynamic Advisor Solutions LLC now owns 3,300 shares of the software maker’s stock valued at $992,000 after buying an additional 68 shares during the last quarter. Curated Wealth Partners LLC acquired a new stake in Cadence Design Systems during the fourth quarter worth about $265,000. Finally, Harel Insurance Investments & Financial Services Ltd. increased its position in Cadence Design Systems by 26.5% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 539 shares of the software maker’s stock worth $162,000 after purchasing an additional 113 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CDNS has been the subject of several recent analyst reports. Robert W. Baird raised their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective for the company. Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective for the company. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price for the company. Finally, Needham & Company LLC lowered their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $329.50.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the sale, the vice president now owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. This trade represents a 1.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock worth $33,528,267 over the last 90 days. 1.99% of the stock is owned by insiders.

Cadence Design Systems Stock Down 3.1 %

Shares of Cadence Design Systems stock opened at $289.88 on Thursday. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The company has a 50 day moving average of $306.04 and a 200 day moving average of $284.61. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $79.50 billion, a P/E ratio of 76.08, a P/E/G ratio of 3.70 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the previous year, the firm earned $1.01 earnings per share. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

About Cadence Design Systems

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.