Martingale Asset Management L P decreased its position in Cadence Design Systems Inc (NASDAQ:CDNS) by 3.7% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 963,323 shares of the software maker’s stock after selling 36,648 shares during the period. Cadence Design Systems accounts for 0.7% of Martingale Asset Management L P’s holdings, making the stock its 18th largest position. Martingale Asset Management L P’s holdings in Cadence Design Systems were worth $61,183,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of CDNS. Harvest Group Wealth Management LLC acquired a new stake in shares of Cadence Design Systems in the 1st quarter valued at $37,000. JNBA Financial Advisors acquired a new stake in Cadence Design Systems during the 4th quarter worth $39,000. Mondrian Capital Management LLC acquired a new stake in Cadence Design Systems during the 4th quarter worth $43,000. Parallel Advisors LLC raised its stake in Cadence Design Systems by 29.4% during the 1st quarter. Parallel Advisors LLC now owns 718 shares of the software maker’s stock worth $46,000 after acquiring an additional 163 shares in the last quarter. Finally, Lindbrook Capital LLC acquired a new stake in Cadence Design Systems during the 4th quarter worth $52,000. 86.88% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ:CDNS traded down $0.76 during midday trading on Thursday, hitting $63.96. The stock had a trading volume of 18,850 shares, compared to its average volume of 2,150,674. The company has a market cap of $18.37 billion, a price-to-earnings ratio of 51.90, a PEG ratio of 4.06 and a beta of 1.13. The company has a quick ratio of 1.39, a current ratio of 1.45 and a debt-to-equity ratio of 0.25. Cadence Design Systems Inc has a 1 year low of $39.08 and a 1 year high of $70.49.
In related news, CFO John M. Wall sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $67.25, for a total value of $201,750.00. Following the completion of the sale, the chief financial officer now owns 209,576 shares in the company, valued at $14,093,986. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Roger S. Siboni sold 13,500 shares of the firm’s stock in a transaction dated Wednesday, February 27th. The shares were sold at an average price of $57.10, for a total transaction of $770,850.00. Following the completion of the sale, the director now owns 47,479 shares of the company’s stock, valued at approximately $2,711,050.90. The disclosure for this sale can be found here. In the last ninety days, insiders sold 262,019 shares of company stock worth $16,513,628. Insiders own 2.34% of the company’s stock.
CDNS has been the topic of several research reports. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a research report on Friday, February 1st. BidaskClub raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Tuesday, February 5th. DA Davidson raised their price objective on shares of Cadence Design Systems to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, February 20th. Needham & Company LLC raised their price objective on shares of Cadence Design Systems to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, February 20th. Finally, ValuEngine raised shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 23rd. Five analysts have rated the stock with a hold rating, five have issued a buy rating and three have assigned a strong buy rating to the company. Cadence Design Systems has a consensus rating of “Buy” and an average target price of $59.44.
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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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.
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