Assetmark Inc. Sells 3,403 Shares of Cadence Design Systems, Inc. $CDNS

Assetmark Inc. reduced its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 113,434 shares of the software maker’s stock after selling 3,403 shares during the quarter. Assetmark Inc.’s holdings in Cadence Design Systems were worth $39,845,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CDNS. Brighton Jones LLC increased its position in Cadence Design Systems by 80.2% in the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker’s stock worth $456,000 after purchasing an additional 676 shares during the last quarter. Integrated Wealth Concepts LLC increased its stake in Cadence Design Systems by 3.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 2,203 shares of the software maker’s stock worth $560,000 after buying an additional 80 shares during the period. Concurrent Investment Advisors LLC increased its holdings in Cadence Design Systems by 26.1% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 1,408 shares of the software maker’s stock worth $434,000 after purchasing an additional 291 shares during the period. CWM LLC raised its holdings in shares of Cadence Design Systems by 69.0% in the second quarter. CWM LLC now owns 12,247 shares of the software maker’s stock valued at $3,774,000 after acquiring an additional 5,002 shares in the last quarter. Finally, RFG Advisory LLC raised its holdings in shares of Cadence Design Systems by 4.9% in the 2nd quarter. RFG Advisory LLC now owns 2,126 shares of the software maker’s stock valued at $655,000 after purchasing an additional 100 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on CDNS shares. KeyCorp reaffirmed an “overweight” rating and issued a $405.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 28th. JPMorgan Chase & Co. upped their price target on shares of Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Citigroup started coverage on shares of Cadence Design Systems in a research note on Monday, November 24th. They set a “buy” rating and a $385.00 price objective on the stock. Wolfe Research reiterated an “outperform” rating and set a $385.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Finally, Wells Fargo & Company lifted their target price on shares of Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. Thirteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $379.59.

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 shares were sold at an average price of $318.57, for a total transaction of $8,857,838.85. Following the completion of the transaction, 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Scannell sold 5,490 shares of the stock in a transaction on Wednesday, December 10th. The stock was 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 in the company, valued at approximately $6,897,557.03. This represents a 21.27% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 56,475 shares of company stock worth $18,505,486. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Up 3.9%

Shares of Cadence Design Systems stock opened at $299.46 on Friday. The company has a quick ratio of 2.84, a current ratio of 3.05 and a debt-to-equity ratio of 0.48. The company has a 50 day moving average of $311.67 and a 200 day moving average of $330.40. The company has a market capitalization of $81.51 billion, a P/E ratio of 77.18, a P/E/G ratio of 3.21 and a beta of 1.01. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $376.45.

About Cadence Design Systems

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.