Massachusetts Financial Services Co. MA Decreases Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Massachusetts Financial Services Co. MA trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 33.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,248,152 shares of the software maker’s stock after selling 2,633,224 shares during the quarter. Massachusetts Financial Services Co. MA owned 1.91% of Cadence Design Systems worth $1,576,860,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems during the fourth quarter valued at approximately $28,000. Avalon Trust Co purchased a new stake in shares of Cadence Design Systems in the 4th quarter worth $39,000. Versant Capital Management Inc increased its stake in shares of Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after purchasing an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC raised its holdings 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 worth $45,000 after purchasing an additional 60 shares during the period. Finally, OFI Invest Asset Management purchased a new position in Cadence Design Systems during the fourth quarter valued at $46,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now directly owns 58,773 shares of the company’s stock, valued at $17,180,523.36. The trade was a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 101,021 shares of company stock worth $31,229,155. 1.99% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Bank of America decreased their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Robert W. Baird decreased their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Loop Capital dropped their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Mizuho raised their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $324.83.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $258.79 on Wednesday. The company has a market cap of $70.99 billion, a price-to-earnings ratio of 67.04, a PEG ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99. The stock’s 50 day simple moving average is $272.48 and its two-hundred day simple moving average is $284.34. 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 announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

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.