Onyx Bridge Wealth Group LLC Sells 1,019 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Onyx Bridge Wealth Group LLC lessened its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 44.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,259 shares of the software maker’s stock after selling 1,019 shares during the quarter. Onyx Bridge Wealth Group LLC’s holdings in Cadence Design Systems were worth $343,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in CDNS. Norges Bank bought a new position in Cadence Design Systems in the fourth quarter valued at $770,945,000. Alliancebernstein L.P. grew its stake in shares of Cadence Design Systems by 620.0% during the fourth quarter. Alliancebernstein L.P. now owns 2,954,303 shares of the software maker’s stock valued at $474,579,000 after buying an additional 2,543,966 shares during the last quarter. Moneta Group Investment Advisors LLC bought a new position in shares of Cadence Design Systems during the fourth quarter valued at about $227,854,000. Nordea Investment Management AB grew its stake in shares of Cadence Design Systems by 124.8% during the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after buying an additional 1,052,228 shares during the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of Cadence Design Systems by 143.3% during the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after buying an additional 962,987 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Stifel Nicolaus raised their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Rosenblatt Securities cut Cadence Design Systems from a “buy” rating to a “neutral” rating and raised their target price for the stock from $265.00 to $280.00 in a research note on Tuesday, February 13th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday. Needham & Company LLC reissued a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Friday. Finally, Robert W. Baird raised their target price on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $318.10.

Insider Activity

In other news, Director James D. Plummer sold 2,412 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the completion of the transaction, the director now directly owns 22,923 shares in the company, valued at $7,229,914.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director James D. Plummer sold 2,412 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $315.40, for a total value of $760,744.80. Following the transaction, the director now directly owns 22,923 shares of the company’s stock, valued at approximately $7,229,914.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the transaction, the vice president now directly owns 61,150 shares in the company, valued at $18,583,485. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 177,544 shares of company stock worth $53,581,207. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 2.0 %

CDNS traded down $5.65 on Friday, hitting $280.25. The company had a trading volume of 2,021,408 shares, compared to its average volume of 1,219,604. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. Cadence Design Systems, Inc. has a 52-week low of $194.01 and a 52-week high of $327.36. The stock has a fifty day simple moving average of $305.52 and a 200-day simple moving average of $279.70. The firm has a market capitalization of $76.30 billion, a P/E ratio of 73.36, a P/E/G ratio of 3.47 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, topping the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The business had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same period last year, the business posted $0.75 earnings per share. Cadence Design Systems’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 4.82 EPS for the current fiscal year.

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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.