Sterling Capital Management LLC Has $5.34 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sterling Capital Management LLC lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.3% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,778 shares of the software maker’s stock after purchasing an additional 230 shares during the period. Sterling Capital Management LLC’s holdings in Cadence Design Systems were worth $5,342,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Golden State Wealth Management LLC bought a new position in Cadence Design Systems during the fourth quarter worth about $28,000. Avalon Trust Co acquired a new position in Cadence Design Systems during the fourth quarter valued at approximately $39,000. Versant Capital Management Inc increased its stake in Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after purchasing an additional 87 shares in the last quarter. OFI Invest Asset Management acquired a new stake in Cadence Design Systems in the fourth quarter worth $46,000. Finally, Synergy Investment Management LLC bought a new position in shares of Cadence Design Systems during the fourth quarter worth $50,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Up 2.1 %

CDNS stock opened at $259.47 on Friday. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $328.99. The company has a market cap of $71.18 billion, a price-to-earnings ratio of 67.22, a P/E/G ratio of 3.88 and a beta of 1.14. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The business has a 50 day moving average price of $261.43 and a two-hundred day moving average price of $282.45.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CDNS. Mizuho upped their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Oppenheimer dropped their price target on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 19th. Loop Capital decreased their price objective 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 dropped their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $324.83.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the sale, the vice president now owns 58,773 shares of the company’s stock, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last ninety days, insiders sold 1,950 shares of company stock worth $518,499. 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.