Onyx Bridge Wealth Group LLC Trims Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Onyx Bridge Wealth Group LLC cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 44.7% during the fourth quarter, HoldingsChannel.com reports. 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 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Highview Capital Management LLC DE lifted its position in Cadence Design Systems by 0.8% during the fourth quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock valued at $1,411,000 after purchasing an additional 39 shares during the period. BSW Wealth Partners lifted its position in Cadence Design Systems by 2.8% during the fourth quarter. BSW Wealth Partners now owns 1,624 shares of the software maker’s stock valued at $442,000 after purchasing an additional 44 shares during the period. Lindbrook Capital LLC lifted its position in Cadence Design Systems by 2.5% during the third quarter. Lindbrook Capital LLC now owns 1,844 shares of the software maker’s stock valued at $432,000 after purchasing an additional 45 shares during the period. Savant Capital LLC lifted its position in Cadence Design Systems by 2.7% during the third quarter. Savant Capital LLC now owns 1,733 shares of the software maker’s stock valued at $406,000 after purchasing an additional 45 shares during the period. Finally, Advisors Asset Management Inc. lifted its position in Cadence Design Systems by 9.0% during the third quarter. Advisors Asset Management Inc. now owns 545 shares of the software maker’s stock valued at $128,000 after purchasing an additional 45 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

CDNS traded down $5.65 on Friday, reaching $280.25. 2,021,408 shares of the company’s stock were exchanged, compared to its average volume of 1,219,604. The stock has a market cap of $76.30 billion, a PE ratio of 73.36, a P/E/G ratio of 3.47 and a beta of 1.04. Cadence Design Systems, Inc. has a twelve month low of $194.01 and a twelve month high of $327.36. The stock’s fifty day moving average price is $305.52 and its 200-day moving average price is $279.70. 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 (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. Cadence Design Systems’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.75 earnings per share. Sell-side analysts expect that Cadence Design Systems, Inc. will post 4.82 EPS for the current year.

Insider Buying and Selling

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the transaction, the director now directly owns 50,183 shares in the company, valued at approximately $15,498,015.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cadence Design Systems news, VP Aneel Zaman sold 1,207 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the transaction, the vice president now directly owns 61,150 shares in the company, valued at approximately $18,583,485. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the transaction, the director now owns 50,183 shares in the company, valued at $15,498,015.89. The disclosure for this sale can be found here. Over the last three months, insiders have sold 177,544 shares of company stock worth $53,581,207. 1.99% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have weighed in on CDNS. KeyCorp lifted their price objective on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. Stifel Nicolaus boosted their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Wells Fargo & Company boosted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $318.10.

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.