Walter Public Investments Inc. Sells 4,247 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Walter Public Investments Inc. trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 6.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 62,551 shares of the software maker's stock after selling 4,247 shares during the period. Cadence Design Systems comprises about 3.0% of Walter Public Investments Inc.'s holdings, making the stock its 16th largest position. Walter Public Investments Inc.'s holdings in Cadence Design Systems were worth $15,909,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Accredited Investors Inc. boosted its holdings in Cadence Design Systems by 1.7% during the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock worth $654,000 after purchasing an additional 36 shares during the last quarter. Principal Street Partners LLC boosted its holdings in shares of Cadence Design Systems by 2.6% in the 4th quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock worth $437,000 after buying an additional 37 shares during the last quarter. Oarsman Capital Inc. grew its position in Cadence Design Systems by 3.8% during the fourth quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock valued at $313,000 after buying an additional 38 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its holdings in Cadence Design Systems by 3.9% during the first quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,072 shares of the software maker's stock worth $285,000 after buying an additional 40 shares during the last quarter. Finally, Cohen & Steers Inc. increased its holdings in Cadence Design Systems by 5.7% during the fourth quarter. Cohen & Steers Inc. now owns 774 shares of the software maker's stock worth $233,000 after buying an additional 42 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Shares of CDNS stock traded down $2.06 during trading hours on Friday, reaching $320.60. The stock had a trading volume of 1,201,465 shares, compared to its average volume of 2,036,282. The stock's fifty day simple moving average is $307.83 and its 200 day simple moving average is $287.56. The firm has a market capitalization of $87.54 billion, a PE ratio of 81.16, a PEG ratio of 4.47 and a beta of 0.99. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $330.09. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating the consensus estimate of $1.50 by $0.07. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The business's quarterly revenue was up 23.1% compared to the same quarter last year. During the same period last year, the firm earned $1.17 EPS. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Transactions at Cadence Design Systems

In other news, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction on Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the completion of the sale, the director directly owned 23,996 shares of the company's stock, valued at approximately $7,677,520.20. The trade was a 3.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Paul Scannell sold 4,710 shares of the company's stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the completion of the transaction, the vice president owned 28,442 shares of the company's stock, valued at $8,532,600. This trade represents a 14.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,975 shares of company stock worth $6,114,587. 1.99% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and increased their target price for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. Robert W. Baird increased their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Rosenblatt Securities boosted their target price on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research note on Tuesday, April 29th. Wells Fargo & Company increased their price target on Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Finally, The Goldman Sachs Group began coverage on Cadence Design Systems in a report on Thursday. They issued a "buy" rating and a $380.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $327.93.

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.