Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by BI Asset Management Fondsmaeglerselskab A S

BI Asset Management Fondsmaeglerselskab A S reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 26.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 13,285 shares of the software maker's stock after selling 4,810 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Cadence Design Systems were worth $3,992,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Golden State Wealth Management LLC bought a new position in Cadence Design Systems during the fourth quarter valued at approximately $28,000. Avalon Trust Co purchased a new stake in Cadence Design Systems in the fourth quarter worth about $39,000. Versant Capital Management Inc boosted its holdings in Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock worth $42,000 after buying an additional 87 shares during the period. OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $46,000. Finally, Synergy Investment Management LLC bought a new stake in Cadence Design Systems in the fourth quarter worth $50,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CDNS has been the subject of a number of recent analyst reports. Mizuho cut their price objective on Cadence Design Systems from $350.00 to $300.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Redburn Atlantic assumed coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a "buy" rating and a $350.00 price target for the company. Robert W. Baird reduced their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating on the stock in a research note on Thursday, February 20th. Loop Capital decreased their price target on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research note on Wednesday, February 19th. Finally, Rosenblatt Securities increased their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $321.00.

Cadence Design Systems Stock Up 2.8 %

Cadence Design Systems stock traded up $7.85 during trading on Friday, reaching $289.63. The stock had a trading volume of 2,413,889 shares, compared to its average volume of 1,932,291. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99. The stock has a market cap of $79.45 billion, a PE ratio of 75.03, a P/E/G ratio of 3.88 and a beta of 1.14. The business has a 50 day moving average price of $254.54 and a 200 day moving average price of $282.11.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. On average, analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the transaction, the vice president now owns 58,773 shares in the company, valued at $17,180,523.36. This represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last 90 days, insiders have sold 1,950 shares of company stock valued at $518,499. Corporate insiders own 1.99% of the company's stock.

Cadence Design Systems Company Profile

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.