Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Westwood Holdings Group Inc.

Westwood Holdings Group Inc. reduced its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 15.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,839 shares of the software maker’s stock after selling 3,903 shares during the period. Westwood Holdings Group Inc.’s holdings in Cadence Design Systems were worth $6,562,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Golden State Wealth Management LLC acquired a new position in Cadence Design Systems in the fourth quarter valued at approximately $28,000. Ancora Advisors LLC raised its holdings in shares of Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock valued at $36,000 after buying an additional 112 shares during the last quarter. Avalon Trust Co bought a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $39,000. OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $46,000. Finally, Synergy Investment Management LLC bought a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $50,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction that occurred 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 transaction, the director now directly owns 23,996 shares in the company, valued at approximately $7,677,520.20. The trade was a 3.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction that occurred 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. The trade was a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,445 shares of company stock valued at $5,594,127. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $320.55 on Wednesday. The stock has a market capitalization of $87.52 billion, a P/E ratio of 83.04, a P/E/G ratio of 3.88 and a beta of 1.04. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $328.99. The business’s fifty day moving average is $275.36 and its two-hundred day moving average is $287.10. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS) last posted 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 for the quarter, compared to analysts’ expectations of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm’s revenue was up 23.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.17 earnings per share. On average, research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CDNS. Loop Capital cut their price target on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Wells Fargo & Company lifted their price target on Cadence Design Systems from $350.00 to $365.00 and gave the company an “overweight” rating in a report on Friday, May 16th. Robert W. Baird raised their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. KeyCorp raised their price objective on shares of Cadence Design Systems from $355.00 to $375.00 and gave the company an “overweight” rating in a research note on Thursday, May 15th. Finally, JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. 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 MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average price target of $325.23.

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.