Sandhill Capital Partners LLC Lowers Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sandhill Capital Partners LLC decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 6.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 192,526 shares of the software maker's stock after selling 13,323 shares during the quarter. Cadence Design Systems comprises 4.5% of Sandhill Capital Partners LLC's investment portfolio, making the stock its 5th largest holding. Sandhill Capital Partners LLC owned 0.07% of Cadence Design Systems worth $57,846,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in CDNS. Golden State Wealth Management LLC bought a new position in Cadence Design Systems during the fourth quarter valued at about $28,000. Avalon Trust Co acquired a new position in shares of Cadence Design Systems during the 4th quarter valued at about $39,000. Versant Capital Management Inc raised 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 valued at $42,000 after acquiring an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC lifted 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 last quarter. Finally, OFI Invest Asset Management bought a new stake in Cadence Design Systems during the fourth quarter worth approximately $46,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS traded up $5.45 during trading on Friday, hitting $259.47. 1,647,475 shares of the stock were exchanged, compared to its average volume of 1,948,680. The company has a market capitalization of $71.18 billion, a price-to-earnings ratio of 67.22, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99. The company's fifty day simple moving average is $261.43 and its 200-day simple moving average is $282.51.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of recent analyst reports. StockNews.com lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Rosenblatt Securities boosted their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Robert W. Baird lowered their price target on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating on the stock in a research report on Thursday, February 20th. Redburn Atlantic began coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a "buy" rating and a $350.00 price objective for the company. Finally, Loop Capital lowered their target price on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $324.83.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the sale, the vice president now directly owns 108,799 shares in the company, valued at approximately $27,486,979.36. This represents a 0.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders sold 1,950 shares of company stock valued at $518,499 over the last quarter. Corporate insiders own 1.99% of the company's stock.

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.