Westwood Holdings Group Inc. Has $6.56 Million Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Westwood Holdings Group Inc. trimmed its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 15.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,839 shares of the software maker's stock after selling 3,903 shares during the quarter. Westwood Holdings Group Inc.'s holdings in Cadence Design Systems were worth $6,562,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CDNS. Golden State Wealth Management LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $28,000. Ancora Advisors LLC raised its holdings in shares of Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after purchasing an additional 112 shares in the last quarter. Avalon Trust Co bought a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $39,000. OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $46,000. Finally, Synergy Investment Management LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $50,000. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Down 0.4%

Cadence Design Systems stock traded down $1.12 during trading hours on Friday, hitting $315.51. The company had a trading volume of 1,010,529 shares, compared to its average volume of 1,977,242. The firm has a market capitalization of $86.15 billion, a P/E ratio of 81.74, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The firm's fifty day moving average is $279.22 and its 200-day moving average is $287.66. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.07. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company's revenue for the quarter was up 23.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.17 EPS. On average, research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. KeyCorp boosted their target price on shares of Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Mizuho boosted their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Bank of America boosted their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Robert W. Baird raised their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Finally, Loop Capital decreased their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $325.23.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the transaction, the vice president now owns 108,799 shares in the company, valued at $27,486,979.36. This represents a 0.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the transaction, the chief executive officer now owns 209,548 shares in the company, valued at approximately $64,959,880. This trade represents a 4.87% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,445 shares of company stock worth $5,594,127. 1.99% of the stock is currently owned by company insiders.

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.