Ferguson Wellman Capital Management Inc. Trims Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ferguson Wellman Capital Management Inc. lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) by 38.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,510 shares of the software maker’s stock after selling 1,545 shares during the quarter. Ferguson Wellman Capital Management Inc.’s holdings in Cadence Design Systems were worth $684,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of CDNS. Norges Bank bought a new position in Cadence Design Systems in the fourth quarter worth approximately $770,945,000. Alliancebernstein L.P. boosted its stake in Cadence Design Systems by 620.0% in the fourth quarter. Alliancebernstein L.P. now owns 2,954,303 shares of the software maker’s stock valued at $474,579,000 after acquiring an additional 2,543,966 shares in the last quarter. Moneta Group Investment Advisors LLC purchased a new position in Cadence Design Systems in the fourth quarter worth $227,854,000. Nordea Investment Management AB lifted its holdings in shares of Cadence Design Systems by 124.8% during the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after purchasing an additional 1,052,228 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Cadence Design Systems by 143.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after purchasing an additional 962,987 shares in the last quarter. 83.95% of the stock is owned by institutional investors.

Analyst Ratings Changes

CDNS has been the subject of several recent analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Wednesday, March 6th. Rosenblatt Securities lowered shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $265.00 to $280.00 in a report on Tuesday, February 13th. Wells Fargo & Company increased their price objective on Cadence Design Systems from $310.00 to $330.00 and gave the company an “overweight” rating in a report on Tuesday, February 6th. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Finally, Robert W. Baird raised their price target on shares of Cadence Design Systems from $289.00 to $302.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 13th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average price target of $311.33.

Check Out Our Latest Stock Report on CDNS

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $322.80 on Friday. The firm has a market cap of $87.88 billion, a price-to-earnings ratio of 84.50, a price-to-earnings-growth ratio of 3.86 and a beta of 1.04. 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 company has a 50 day moving average price of $297.71 and a 200-day moving average price of $269.17. Cadence Design Systems, Inc. has a 1-year low of $194.01 and a 1-year high of $327.36.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last issued its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, beating the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same period last year, the company earned $0.75 earnings per share. Cadence Design Systems’s quarterly revenue was up 18.8% compared to the same quarter last year. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.81 EPS for the current year.

Insider Activity at Cadence Design Systems

In other news, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the transaction, the vice president now directly owns 61,150 shares in the company, valued at approximately $18,583,485. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Cadence Design Systems news, VP Aneel Zaman sold 1,207 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $366,807.30. Following the sale, the vice president now directly owns 61,150 shares in the company, valued at approximately $18,583,485. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Vincentelli Albert Sangiovanni sold 11,500 shares of Cadence Design Systems stock in a transaction dated Friday, January 12th. The shares were sold at an average price of $267.67, for a total value of $3,078,205.00. Following the completion of the transaction, the director now owns 59,183 shares of the company’s stock, valued at approximately $15,841,513.61. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 200,244 shares of company stock worth $58,930,611. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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