Bleakley Financial Group LLC Sells 286 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bleakley Financial Group LLC cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,757 shares of the software maker’s stock after selling 286 shares during the quarter. Bleakley Financial Group LLC’s holdings in Cadence Design Systems were worth $3,475,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Meeder Asset Management Inc. boosted its position in Cadence Design Systems by 2,826.2% in the fourth quarter. Meeder Asset Management Inc. now owns 25,955 shares of the software maker’s stock valued at $7,069,000 after buying an additional 25,068 shares in the last quarter. Meeder Advisory Services Inc. boosted its holdings in shares of Cadence Design Systems by 2.5% during the 4th quarter. Meeder Advisory Services Inc. now owns 5,404 shares of the software maker’s stock valued at $1,472,000 after acquiring an additional 131 shares in the last quarter. Tamar Securities LLC grew its position in Cadence Design Systems by 28.0% during the 4th quarter. Tamar Securities LLC now owns 50,557 shares of the software maker’s stock worth $13,770,000 after acquiring an additional 11,045 shares during the last quarter. Retireful LLC acquired a new position in Cadence Design Systems in the 4th quarter worth about $1,346,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Cadence Design Systems by 0.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 352,144 shares of the software maker’s stock valued at $95,913,000 after purchasing an additional 2,923 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 11,500 shares of the stock in a transaction dated Friday, January 12th. The shares were sold at an average price of $267.67, for a total transaction of $3,078,205.00. Following the transaction, the director now owns 59,183 shares of the company’s stock, valued at approximately $15,841,513.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 11,500 shares of the business’s stock in a transaction on Friday, January 12th. The shares were sold at an average price of $267.67, for a total transaction of $3,078,205.00. Following the completion of the sale, the director now owns 59,183 shares in the company, valued at approximately $15,841,513.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 1,454 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $441,870.60. Following the completion of the transaction, the chief executive officer now directly owns 136,455 shares in the company, valued at approximately $41,468,674.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 223,544 shares of company stock valued at $66,184,727. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, March 6th. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $289.00 to $302.00 and gave the stock an “outperform” rating in a report on Tuesday, February 13th. Stifel Nicolaus increased their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Finally, Rosenblatt Securities downgraded Cadence Design Systems from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $265.00 to $280.00 in a report on Tuesday, February 13th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $313.60.

Cadence Design Systems Stock Up 0.1 %

Shares of Cadence Design Systems stock opened at $311.41 on Wednesday. The stock’s 50-day moving average is $305.57 and its 200 day moving average is $276.69. Cadence Design Systems, Inc. has a one year low of $194.01 and a one year high of $327.36. The firm has a market cap of $84.78 billion, a price-to-earnings ratio of 81.52, a PEG ratio of 3.75 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.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.75 EPS. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.81 EPS for the current year.

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.