Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Whittier Trust Co.

Whittier Trust Co. cut its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,832 shares of the software maker’s stock after selling 214 shares during the period. Whittier Trust Co.’s holdings in Cadence Design Systems were worth $2,053,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Avior Wealth Management LLC boosted its stake in shares of Cadence Design Systems by 12.4% in the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after buying an additional 36 shares during the last quarter. Lindbrook Capital LLC boosted its stake in shares of Cadence Design Systems by 1.7% in the fourth quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock worth $670,000 after buying an additional 38 shares during the last quarter. Empower Advisory Group LLC boosted its stake in shares of Cadence Design Systems by 4.9% in the fourth quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock worth $263,000 after buying an additional 41 shares during the last quarter. Marcum Wealth LLC boosted its stake in shares of Cadence Design Systems by 4.1% in the fourth quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker’s stock worth $337,000 after buying an additional 44 shares during the last quarter. Finally, CX Institutional boosted its stake in shares of Cadence Design Systems by 2.6% in the fourth quarter. CX Institutional now owns 1,791 shares of the software maker’s stock worth $538,000 after buying an additional 46 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $262.42 on Friday. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The stock has a market cap of $71.93 billion, a PE ratio of 67.98, a P/E/G ratio of 3.88 and a beta of 1.05. The stock has a 50 day moving average price of $278.01 and a 200 day moving average price of $283.79.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate 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 company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of recent analyst reports. Loop Capital lowered their price target on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Bank of America lowered their price target on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Robert W. Baird lowered their price target on 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. Redburn Atlantic initiated coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. Finally, StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $324.83.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the firm’s 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 completion of the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the sale, the vice president now directly owns 59,311 shares of the company’s stock, valued at approximately $18,080,365.24. This trade represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 101,021 shares of company stock valued at $31,229,155. 1.99% of the stock is currently owned by insiders.

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.