New York Life Investment Management LLC Sells 11,059 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

New York Life Investment Management LLC lessened its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 20.4% in the fourth quarter, Holdings Channel reports. The firm owned 43,134 shares of the software maker’s stock after selling 11,059 shares during the period. New York Life Investment Management LLC’s holdings in Cadence Design Systems were worth $11,748,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Parkside Financial Bank & Trust lifted its stake in Cadence Design Systems by 8.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock valued at $140,000 after purchasing an additional 38 shares during the last quarter. Highview Capital Management LLC DE grew its stake in shares of Cadence Design Systems by 0.8% during the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock worth $1,411,000 after acquiring an additional 39 shares during the period. BSW Wealth Partners increased its holdings in Cadence Design Systems by 2.8% in the 4th quarter. BSW Wealth Partners now owns 1,624 shares of the software maker’s stock worth $442,000 after acquiring an additional 44 shares during the last quarter. Lindbrook Capital LLC raised its stake in Cadence Design Systems by 2.5% in the 3rd quarter. Lindbrook Capital LLC now owns 1,844 shares of the software maker’s stock valued at $432,000 after acquiring an additional 45 shares during the period. Finally, Savant Capital LLC lifted its holdings in Cadence Design Systems by 2.7% during the third quarter. Savant Capital LLC now owns 1,733 shares of the software maker’s stock valued at $406,000 after purchasing an additional 45 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $273.23 on Thursday. The stock’s 50-day simple moving average is $303.04 and its two-hundred day simple moving average is $281.95. Cadence Design Systems, Inc. has a twelve month low of $198.92 and a twelve month high of $327.36. The firm has a market capitalization of $74.35 billion, a P/E ratio of 71.50, a P/E/G ratio of 3.24 and a beta of 1.06. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last posted 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 net margin of 25.68% and a return on equity of 32.44%. The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period in the prior year, the business earned $1.02 earnings per share. Cadence Design Systems’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.78 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CDNS shares. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Friday, April 19th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday. Robert W. Baird raised their price target on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a report on Thursday, April 18th. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Finally, Wells Fargo & Company lifted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $326.11.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the sale, the vice president now owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the sale, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the transaction, the director now owns 53,183 shares in the company, valued at approximately $15,924,053.86. The disclosure for this sale can be found here. In the last ninety days, insiders sold 173,044 shares of company stock valued at $52,231,207. Insiders own 1.99% of the company’s stock.

About Cadence Design Systems

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.