Wakefield Asset Management LLLP lowered its holdings in Cadence Design Systems Inc (NASDAQ:CDNS) by 20.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,705 shares of the software maker’s stock after selling 677 shares during the period. Wakefield Asset Management LLLP’s holdings in Cadence Design Systems were worth $172,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc boosted its holdings in Cadence Design Systems by 1.0% in the third quarter. Vanguard Group Inc now owns 32,476,936 shares of the software maker’s stock valued at $1,471,854,000 after purchasing an additional 324,296 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Cadence Design Systems by 1.2% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 22,865,053 shares of the software maker’s stock valued at $994,172,000 after purchasing an additional 272,342 shares during the last quarter. Parnassus Investments CA boosted its holdings in Cadence Design Systems by 13.4% in the fourth quarter. Parnassus Investments CA now owns 14,392,128 shares of the software maker’s stock valued at $625,770,000 after purchasing an additional 1,697,043 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Cadence Design Systems by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 4,535,500 shares of the software maker’s stock valued at $196,926,000 after purchasing an additional 235,512 shares during the last quarter. Finally, Northern Trust Corp raised its stake in Cadence Design Systems by 3.6% during the fourth quarter. Northern Trust Corp now owns 3,403,417 shares of the software maker’s stock valued at $147,980,000 after buying an additional 117,103 shares in the last quarter. 86.94% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ CDNS opened at $68.09 on Wednesday. Cadence Design Systems Inc has a 52-week low of $39.08 and a 52-week high of $70.49. The company has a market cap of $18.80 billion, a price-to-earnings ratio of 55.36, a PEG ratio of 3.78 and a beta of 1.13. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.39 and a current ratio of 1.45.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.08. The firm had revenue of $577.00 million for the quarter, compared to analysts’ expectations of $569.34 million. Cadence Design Systems had a return on equity of 30.86% and a net margin of 17.91%. Cadence Design Systems’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.40 earnings per share. As a group, equities research analysts predict that Cadence Design Systems Inc will post 1.47 EPS for the current fiscal year.

Several analysts have issued reports on CDNS shares. Wells Fargo & Co started coverage on Cadence Design Systems in a research note on Tuesday. They set a “market perform” rating on the stock. BidaskClub upgraded Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, April 30th. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “strong-buy” rating and set a $63.00 price objective on the stock in a research note on Friday, February 22nd. DA Davidson upped their price objective on Cadence Design Systems to $62.00 and gave the company a “buy” rating in a research note on Wednesday, February 20th. Finally, ValuEngine upgraded Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 23rd. Five investment analysts have rated the stock with a hold rating, five have given a buy rating and three have issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $59.44.

In other news, President Anirudh Devgan sold 52,466 shares of the stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $63.83, for a total transaction of $3,348,904.78. Following the sale, the president now directly owns 494,480 shares in the company, valued at approximately $31,562,658.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Aneel Zaman sold 66,808 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $61.77, for a total value of $4,126,730.16. Following the sale, the insider now owns 285,961 shares in the company, valued at $17,663,810.97. The disclosure for this sale can be found here. Insiders have sold a total of 222,019 shares of company stock worth $13,764,828 over the last quarter. Insiders own 2.34% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: This piece of content was originally published by Watch List News and is owned by of Watch List News. If you are accessing this piece of content on another website, it was illegally copied and republished in violation of US & international copyright & trademark laws. The original version of this piece of content can be viewed at https://www.watchlistnews.com/wakefield-asset-management-lllp-has-172000-position-in-cadence-design-systems-inc-cdns/3011192.html.

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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

Featured Story: Debt-To-Equity Ratio

Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems Inc (NASDAQ:CDNS).

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.