Woodline Partners LP Sells 33,750 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Woodline Partners LP lessened its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 176,397 shares of the software maker’s stock after selling 33,750 shares during the quarter. Woodline Partners LP owned approximately 0.06% of Cadence Design Systems worth $53,000,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Principal Financial Group Inc. boosted its stake in shares of Cadence Design Systems by 10.7% in the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock valued at $672,300,000 after purchasing an additional 216,075 shares during the last quarter. Pittenger & Anderson Inc. boosted its stake in Cadence Design Systems by 50.1% during the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock worth $1,589,000 after acquiring an additional 1,766 shares during the last quarter. Meridiem Investment Management Ltd. boosted its stake in Cadence Design Systems by 64.3% during the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock worth $235,625,000 after acquiring an additional 306,887 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in Cadence Design Systems by 132.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock worth $41,850,000 after acquiring an additional 79,268 shares during the last quarter. Finally, Citizens Financial Group Inc. RI boosted its stake in Cadence Design Systems by 80.6% during the 4th quarter. Citizens Financial Group Inc. RI now owns 8,058 shares of the software maker’s stock worth $2,421,000 after acquiring an additional 3,595 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $320.30 on Tuesday. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $328.99. The company has a market capitalization of $87.46 billion, a PE ratio of 82.98, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. The firm’s 50 day moving average is $273.78 and its 200-day moving average is $286.86.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period last year, the company earned $1.17 earnings per share. The firm’s revenue was up 23.1% compared to the same quarter last year. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Scannell sold 4,710 shares of Cadence Design Systems stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the completion of the transaction, the vice president now directly owns 28,442 shares of the company’s stock, valued at $8,532,600. The trade was a 14.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the transaction, the vice president now directly owns 108,799 shares of the company’s stock, valued at approximately $27,486,979.36. This trade represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,577 shares of company stock worth $5,316,411. Insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the topic of several recent analyst reports. Mizuho lifted their price objective on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Needham & Company LLC reissued a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, May 13th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. Finally, Piper Sandler raised their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $325.23.

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.