Sandhill Capital Partners LLC Sells 13,323 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sandhill Capital Partners LLC cut its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 192,526 shares of the software maker’s stock after selling 13,323 shares during the quarter. Cadence Design Systems makes up approximately 4.5% of Sandhill Capital Partners LLC’s portfolio, making the stock its 5th largest holding. Sandhill Capital Partners LLC owned 0.07% of Cadence Design Systems worth $57,846,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Principal Financial Group Inc. increased its stake in shares of Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after acquiring an additional 501,833 shares during the last quarter. IHT Wealth Management LLC increased its position in shares of Cadence Design Systems by 41.5% in the third quarter. IHT Wealth Management LLC now owns 1,466 shares of the software maker’s stock worth $394,000 after acquiring an additional 430 shares in the last quarter. Kovitz Investment Group Partners LLC raised its position in Cadence Design Systems by 99.5% in the third quarter. Kovitz Investment Group Partners LLC now owns 6,894 shares of the software maker’s stock valued at $1,868,000 after purchasing an additional 3,438 shares during the period. Insigneo Advisory Services LLC increased its stake in Cadence Design Systems by 3.0% during the 3rd quarter. Insigneo Advisory Services LLC now owns 1,732 shares of the software maker’s stock worth $469,000 after buying an additional 50 shares during the period. Finally, EP Wealth Advisors LLC grew its stake in Cadence Design Systems by 56.7% during the 3rd quarter. EP Wealth Advisors LLC now owns 3,786 shares of the software maker’s stock valued at $1,026,000 after purchasing an additional 1,370 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the completion of the transaction, the vice president now owns 108,799 shares of the company’s stock, valued at approximately $27,486,979.36. This represents a 0.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders sold 1,950 shares of company stock worth $518,499. 1.99% of the stock is currently owned by insiders.

Analyst Ratings Changes

CDNS has been the subject of several research analyst reports. Oppenheimer dropped their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research report on Wednesday, March 19th. Rosenblatt Securities raised their target price on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Robert W. Baird dropped their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $324.83.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $233.82 on Tuesday. The company has a market cap of $64.14 billion, a P/E ratio of 60.58, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The firm’s 50 day simple moving average is $266.96 and its 200-day simple moving average is $283.52.

Cadence Design Systems (NASDAQ:CDNS) last issued its 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). The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. As a group, equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current 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.