Gamco Investors INC. ET AL Lowers Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Gamco Investors INC. ET AL lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 13,301 shares of the software maker’s stock after selling 159 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Cadence Design Systems were worth $3,996,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now owns 58,773 shares of the company’s stock, valued at $17,180,523.36. The trade was a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders sold 1,950 shares of company stock worth $518,499. Insiders own 0.37% of the company’s stock.

Cadence Design Systems Stock Up 0.4 %

CDNS opened at $260.22 on Friday. The firm has a market cap of $71.38 billion, a P/E ratio of 67.41, a PEG ratio of 3.88 and a beta of 1.14. The business’s fifty day simple moving average is $258.10 and its 200 day simple moving average is $282.05. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Redburn Atlantic started coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price for the company. Bank of America reduced their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Robert W. Baird dropped their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Rosenblatt Securities boosted their price target on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, Oppenheimer dropped their price objective on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research note on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $320.67.

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.