Signaturefd LLC Trims Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Signaturefd LLC decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 10,035 shares of the software maker’s stock after selling 773 shares during the quarter. Signaturefd LLC’s holdings in Cadence Design Systems were worth $3,015,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Swedbank AB grew its holdings in Cadence Design Systems by 15.1% during the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after buying an additional 230,672 shares in the last quarter. Principal Financial Group Inc. grew its stake in Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after acquiring an additional 501,833 shares in the last quarter. OneDigital Investment Advisors LLC increased its holdings in Cadence Design Systems by 63.5% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,477 shares of the software maker’s stock valued at $942,000 after acquiring an additional 1,350 shares during the last quarter. Empowered Funds LLC lifted its stake in Cadence Design Systems by 13.3% in the 3rd quarter. Empowered Funds LLC now owns 12,974 shares of the software maker’s stock worth $3,516,000 after purchasing an additional 1,526 shares in the last quarter. Finally, Natixis Advisors LLC lifted its stake in Cadence Design Systems by 6.1% in the 3rd quarter. Natixis Advisors LLC now owns 181,610 shares of the software maker’s stock worth $49,222,000 after purchasing an additional 10,371 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $255.11 on Tuesday. 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 12 month low of $230.09 and a 12 month high of $328.99. The company has a market capitalization of $69.93 billion, a price-to-earnings ratio of 66.09, a PEG ratio of 3.88 and a beta of 1.05. The firm’s 50-day moving average is $281.46 and its 200 day moving average is $284.30.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CDNS shares. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Wells Fargo & Company assumed coverage on Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective on the stock. Loop Capital lowered their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Robert W. Baird reduced their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Finally, Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective for the company. One 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, the stock currently has an average rating of “Moderate Buy” and an average price target of $326.92.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the transaction, the vice president now owns 58,123 shares of the company’s stock, valued at $14,689,425.79. This trade represents a 1.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO John M. Wall sold 4,224 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the completion of the sale, the chief financial officer now directly owns 29,248 shares of the company’s stock, valued at approximately $9,038,509.44. This trade represents a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 105,245 shares of company stock worth $32,534,498 over the last quarter. Company insiders own 1.99% of the company’s stock.

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.