Federated Hermes Inc. Trims Stock Position in Cadence Design Systems, Inc. $CDNS

Federated Hermes Inc. trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 89.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund 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 reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Strategic Wealth Investment Group LLC acquired a new stake in Cadence Design Systems during the second quarter worth about $32,000. Promus Capital LLC purchased a new stake in Cadence Design Systems in the 2nd quarter worth approximately $33,000. Robbins Farley acquired a new stake in shares of Cadence Design Systems during the 3rd quarter worth approximately $35,000. Heartwood Wealth Advisors LLC purchased a new position in shares of Cadence Design Systems during the 3rd quarter valued at approximately $39,000. Finally, Princeton Global Asset Management LLC purchased a new position in shares of Cadence Design Systems during the 2nd quarter valued at approximately $40,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on CDNS shares. KeyCorp restated an “overweight” rating and set a $405.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 28th. JPMorgan Chase & Co. increased 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 note on Tuesday, October 28th. Citigroup started coverage on Cadence Design Systems in a research note on Monday, November 24th. They issued a “buy” rating and a $385.00 price target for the company. Rosenblatt Securities upped their price target on Cadence Design Systems from $320.00 to $335.00 and gave the stock a “neutral” rating in a report on Tuesday, October 28th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $390.00 price objective on shares of Cadence Design Systems in a report on Monday, December 22nd. Thirteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $379.59.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Scannell sold 5,490 shares of the firm’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $339.43, for a total value of $1,863,470.70. Following the transaction, the vice president directly owned 20,321 shares of the company’s stock, valued at approximately $6,897,557.03. This trade represents a 21.27% 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 the business’s stock in a transaction dated 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 owned 7,650 shares in the company, valued at $2,581,722. The trade was a 2.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 56,475 shares of company stock worth $18,505,486 in the last quarter. 0.37% of the stock is owned by insiders.

Cadence Design Systems Trading Up 4.9%

CDNS stock opened at $283.44 on Monday. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $376.45. The business’s 50-day moving average is $314.89 and its 200 day moving average is $331.63. The company has a current ratio of 3.05, a quick ratio of 2.84 and a debt-to-equity ratio of 0.48. The stock has a market cap of $77.15 billion, a price-to-earnings ratio of 73.05, a PEG ratio of 3.15 and a beta of 1.01.

Cadence Design Systems 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.