Pinebridge Investments L.P. Sells 32,396 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Pinebridge Investments L.P. trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 72.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,112 shares of the software maker's stock after selling 32,396 shares during the quarter. Pinebridge Investments L.P.'s holdings in Cadence Design Systems were worth $3,639,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CDNS. Golden State Wealth Management LLC bought a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $28,000. Avalon Trust Co bought a new position in shares of Cadence Design Systems during the fourth quarter valued at $39,000. Versant Capital Management Inc boosted its stake in shares of Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock valued at $42,000 after purchasing an additional 87 shares in the last quarter. OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems in the 4th quarter worth about $46,000. Finally, Synergy Investment Management LLC acquired a new stake in shares of Cadence Design Systems during the 4th quarter worth about $50,000. 84.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CDNS. Piper Sandler lifted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research note on Wednesday, February 19th. Oppenheimer cut their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. Rosenblatt Securities increased their target price on Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a report on Tuesday. StockNews.com cut Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Finally, Loop Capital decreased their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a 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 data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $322.54.

Cadence Design Systems Trading Up 0.7 %

Shares of NASDAQ:CDNS traded up $2.19 during mid-day trading on Thursday, reaching $299.93. The stock had a trading volume of 779,221 shares, compared to its average volume of 1,947,118. The firm has a market cap of $82.27 billion, a PE ratio of 77.92, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. The firm has a 50 day simple moving average of $256.20 and a two-hundred day simple moving average of $282.41. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion during 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 firm's revenue was up 23.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.17 EPS. On average, research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the sale, the director now owns 7,411 shares of the company's stock, valued at approximately $2,038,025. This trade represents a 2.37 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the sale, the vice president now owns 58,123 shares in the company, valued at $14,689,425.79. The trade was a 1.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,130 shares of company stock valued at $567,999 over the last quarter. 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.