Westfield Capital Management Co. LP Sells 6,601 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Westfield Capital Management Co. LP lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 383,196 shares of the software maker’s stock after selling 6,601 shares during the period. Westfield Capital Management Co. LP owned 0.14% of Cadence Design Systems worth $104,371,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Valley National Advisers Inc. increased its holdings in shares of Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after acquiring an additional 47 shares during the last quarter. Fortitude Family Office LLC acquired a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $28,000. Union Savings Bank acquired a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $33,000. Rakuten Securities Inc. acquired a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $45,000. Finally, Catalyst Capital Advisors LLC increased its holdings in shares of Cadence Design Systems by 34.7% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock worth $47,000 after acquiring an additional 52 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Shares of CDNS traded down $0.41 during trading hours on Friday, hitting $294.28. 957,105 shares of the company were exchanged, compared to its average volume of 1,364,188. The company has a market cap of $80.08 billion, a price-to-earnings ratio of 76.64, a P/E/G ratio of 3.60 and a beta of 1.06. Cadence Design Systems, Inc. has a fifty-two week low of $208.50 and a fifty-two week high of $327.36. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The firm’s fifty day moving average is $296.25 and its 200 day moving average is $287.32.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period in the prior year, the company earned $1.02 EPS. Cadence Design Systems’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have commented on CDNS shares. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. KeyCorp upped their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Robert W. Baird upped their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, April 22nd. Finally, Piper Sandler decreased their price objective on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $326.11.

Insider Buying and Selling

In related news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the sale, the senior vice president now directly owns 21,080 shares in the company, valued at approximately $6,544,496.80. The sale was disclosed in a filing with the SEC, which is available through this link. In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $310,460.00. Following the completion of the transaction, the vice president now directly owns 68,144 shares in the company, valued at $21,155,986.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the completion of the transaction, the senior vice president now owns 21,080 shares of the company’s stock, valued at $6,544,496.80. The disclosure for this sale can be found here. Insiders sold a total of 109,298 shares of company stock worth $33,247,394 in the last ninety days. 1.99% of the stock is owned by insiders.

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.