Wedge Capital Management L L P NC Has $76.32 Million Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Wedge Capital Management L L P NC lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 10.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 280,208 shares of the software maker's stock after selling 33,338 shares during the period. Cadence Design Systems accounts for about 1.4% of Wedge Capital Management L L P NC's holdings, making the stock its 13th biggest position. Wedge Capital Management L L P NC owned approximately 0.10% of Cadence Design Systems worth $76,320,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Valley National Advisers Inc. increased its position in Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker's stock worth $26,000 after purchasing an additional 47 shares during the period. Fortitude Family Office LLC purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $28,000. OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems during the 3rd quarter worth approximately $26,000. Rakuten Securities Inc. purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $45,000. Finally, Catalyst Capital Advisors LLC boosted its stake in shares of Cadence Design Systems by 34.7% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker's stock worth $47,000 after acquiring an additional 52 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the business's stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total value of $1,350,000.00. Following the completion of the transaction, the director now directly owns 54,683 shares in the company, valued at approximately $16,404,900. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Anirudh Devgan sold 1,454 shares of the company's stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the completion of the sale, the chief executive officer now directly owns 136,455 shares in the company, valued at approximately $41,468,674.50. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the company's stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total value of $1,350,000.00. Following the sale, the director now owns 54,683 shares of the company's stock, valued at $16,404,900. The disclosure for this sale can be found here. In the last three months, insiders sold 177,544 shares of company stock worth $53,581,207. Insiders own 0.62% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Robert W. Baird boosted their price target on Cadence Design Systems from $302.00 to $322.00 and gave the stock an "outperform" rating in a research note on Thursday. Stifel Nicolaus boosted their price target on Cadence Design Systems from $300.00 to $350.00 and gave the stock a "buy" rating in a research note on Tuesday, February 13th. Wells Fargo & Company boosted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 16th. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Monday. Finally, StockNews.com lowered Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Tuesday, April 16th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $318.10.

Cadence Design Systems Trading Up 1.7 %

CDNS traded up $4.77 during trading on Monday, hitting $285.02. The company's stock had a trading volume of 2,739,894 shares, compared to its average volume of 1,514,106. The firm's 50 day moving average price is $305.09 and its 200-day moving average price is $280.73. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The stock has a market cap of $77.59 billion, a PE ratio of 74.61, a PEG ratio of 3.41 and a beta of 1.04. Cadence Design Systems, Inc. has a twelve month low of $194.01 and a twelve month high of $327.36.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. Cadence Design Systems's revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.02 EPS. On average, analysts expect that Cadence Design Systems, Inc. will post 4.81 earnings per share for the current year.

Cadence Design Systems 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.