Western Financial Corp CA Sells 3,087 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Western Financial Corp CA lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 49.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,149 shares of the software maker’s stock after selling 3,087 shares during the quarter. Western Financial Corp CA’s holdings in Cadence Design Systems were worth $946,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Missouri Trust & Investment Co acquired a new stake in Cadence Design Systems during the third quarter worth approximately $27,000. MidAtlantic Capital Management Inc. acquired a new stake in shares of Cadence Design Systems during the 3rd quarter worth approximately $28,000. Versant Capital Management Inc increased its stake in shares of Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after acquiring an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC lifted its position in shares of Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after acquiring an additional 60 shares during the period. Finally, Meeder Asset Management Inc. boosted its stake in Cadence Design Systems by 30.3% during the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after acquiring an additional 47 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $16,987,930.96. The trade was a 9.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO John M. Wall sold 4,224 shares of the 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 transaction, the chief financial officer now owns 29,248 shares of the company’s stock, valued at approximately $9,038,509.44. The trade was a 12.62 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 107,766 shares of company stock worth $33,348,867. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $297.62 on Friday. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company’s 50 day moving average price is $305.30 and its two-hundred day moving average price is $284.61. The stock has a market cap of $81.63 billion, a P/E ratio of 78.12, a P/E/G ratio of 3.33 and a beta of 1.04. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Robert W. Baird upped their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. StockNews.com upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Wednesday. Berenberg Bank assumed coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective for the company. Redburn Atlantic assumed coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. Finally, Loop Capital initiated coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average target price of $329.50.

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.