AGF Management Ltd. Has $605,000 Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

AGF Management Ltd. lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 78.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,013 shares of the software maker’s stock after selling 7,240 shares during the quarter. AGF Management Ltd.’s holdings in Cadence Design Systems were worth $605,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CDNS. MidAtlantic Capital Management Inc. purchased a new position in Cadence Design Systems during the 3rd quarter valued at about $28,000. Golden State Wealth Management LLC acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth approximately $28,000. Versant Capital Management Inc grew its position in Cadence Design Systems by 164.2% during 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. Prestige Wealth Management Group LLC increased its stake in Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after buying an additional 60 shares during the period. Finally, OFI Invest Asset Management purchased a new stake in Cadence Design Systems in the 4th quarter worth approximately $46,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on CDNS. Mizuho boosted their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Robert W. Baird reduced their price target on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Rosenblatt Securities boosted their price target on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Finally, Loop Capital cut their price objective on shares of 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $326.92.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $247.43 on Friday. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99. The company has a fifty day simple moving average of $282.52 and a 200 day simple moving average of $284.12. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The company has a market cap of $67.82 billion, a P/E ratio of 64.10, a P/E/G ratio of 3.88 and a beta of 1.05.

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

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the sale, the vice president now directly owns 58,123 shares of the company’s stock, valued at $14,689,425.79. This trade represents a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John M. Wall sold 4,224 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the transaction, the chief financial officer now directly owns 29,248 shares of the company’s stock, valued at approximately $9,038,509.44. This trade represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 105,245 shares of company stock worth $32,534,498 over the last three months. 0.62% 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.