Pinebridge Investments L.P. Trims Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Pinebridge Investments L.P. lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 72.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,112 shares of the software maker’s stock after selling 32,396 shares during the period. Pinebridge Investments L.P.’s holdings in Cadence Design Systems were worth $3,639,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Golden State Wealth Management LLC acquired a new stake in Cadence Design Systems during the fourth quarter valued at $28,000. Avalon Trust Co purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth about $39,000. 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 purchasing an additional 87 shares in the last quarter. OFI Invest Asset Management acquired a new position in Cadence Design Systems in the 4th quarter worth about $46,000. Finally, Synergy Investment Management LLC purchased a new position in Cadence Design Systems during the fourth quarter worth approximately $50,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the subject of a number of recent analyst reports. Bank of America cut their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Mizuho decreased their price objective on shares of Cadence Design Systems from $350.00 to $300.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. Loop Capital reduced their price target on shares of 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. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a report on Wednesday, February 19th. Finally, Rosenblatt Securities increased their target price on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $321.00.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now owns 58,123 shares in the company, valued at $14,689,425.79. The trade was a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders have sold 1,950 shares of company stock worth $518,499. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Up 2.8 %

Shares of NASDAQ:CDNS opened at $289.63 on Friday. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99. The stock has a market cap of $79.45 billion, a P/E ratio of 75.03, a PEG ratio of 3.88 and a beta of 1.14. The business has a fifty day moving average of $254.54 and a two-hundred day moving average of $282.11. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. On average, research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share 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.