Adage Capital Partners GP L.L.C. Sells 1,700 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Adage Capital Partners GP L.L.C. reduced its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.7% during the fourth quarter, HoldingsChannel.com reports. The fund owned 256,400 shares of the software maker’s stock after selling 1,700 shares during the quarter. Adage Capital Partners GP L.L.C.’s holdings in Cadence Design Systems were worth $77,038,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Principal Financial Group Inc. boosted its holdings in shares of Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after buying an additional 501,833 shares during the last quarter. Advisory Resource Group boosted its stake in Cadence Design Systems by 20.9% in the third quarter. Advisory Resource Group now owns 3,721 shares of the software maker’s stock valued at $1,009,000 after acquiring an additional 643 shares during the last quarter. World Investment Advisors LLC grew its position in shares of Cadence Design Systems by 656.3% during the 3rd quarter. World Investment Advisors LLC now owns 7,457 shares of the software maker’s stock valued at $2,021,000 after acquiring an additional 6,471 shares during the period. Arvest Bank Trust Division purchased a new stake in shares of Cadence Design Systems during the 3rd quarter worth approximately $202,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Cadence Design Systems in the 3rd quarter worth approximately $2,225,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 2.8 %

Shares of NASDAQ:CDNS opened at $265.42 on Thursday. The company has a market cap of $72.81 billion, a price-to-earnings ratio of 68.76, a PEG ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99. The firm has a fifty day moving average price of $255.02 and a two-hundred day moving average price of $281.85. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the transaction, the vice president now directly owns 58,123 shares in the company, valued at approximately $14,689,425.79. The trade was a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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.

Analyst Ratings Changes

Several equities analysts have weighed in on CDNS shares. Rosenblatt Securities increased their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Loop Capital decreased their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Robert W. Baird dropped their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Bank of America reduced their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Finally, Redburn Atlantic began coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $320.67.

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.