Forum Financial Management LP Sells 76 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Forum Financial Management LP lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,376 shares of the software maker’s stock after selling 76 shares during the quarter. Forum Financial Management LP’s holdings in Cadence Design Systems were worth $413,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of CDNS. Principal Financial Group Inc. raised its stake in shares of Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after acquiring an additional 501,833 shares in the last quarter. M&T Bank Corp raised its position in shares of Cadence Design Systems by 78.5% in the 3rd quarter. M&T Bank Corp now owns 35,218 shares of the software maker’s stock worth $9,546,000 after acquiring an additional 15,491 shares in the last quarter. Advisory Resource Group boosted its position in Cadence Design Systems by 20.9% during the third quarter. Advisory Resource Group now owns 3,721 shares of the software maker’s stock valued at $1,009,000 after purchasing an additional 643 shares in the last quarter. World Investment Advisors LLC raised its holdings in Cadence Design Systems by 656.3% in the third quarter. World Investment Advisors LLC now owns 7,457 shares of the software maker’s stock worth $2,021,000 after purchasing an additional 6,471 shares in the last quarter. Finally, Arvest Bank Trust Division bought a new stake in shares of Cadence Design Systems in the 3rd quarter valued at about $202,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Loop Capital lowered their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday, February 19th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. Finally, Robert W. Baird reduced their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $320.67.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the completion of the sale, the vice president now owns 108,799 shares in the company, valued at approximately $27,486,979.36. The trade was a 0.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 1,950 shares of company stock valued at $518,499 in the last ninety days. 0.37% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Up 0.4 %

Shares of CDNS opened at $260.22 on Monday. The stock’s 50-day moving average price is $257.23 and its 200-day moving average price is $282.25. 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 company has a market capitalization of $71.38 billion, a price-to-earnings ratio of 67.41, a PEG ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data 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 return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. On average, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

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.