Western Financial Corp CA Sells 3,087 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Western Financial Corp CA lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 49.5% during the 4th quarter, HoldingsChannel reports. The fund owned 3,149 shares of the software maker’s stock after selling 3,087 shares during the period. Western Financial Corp CA’s holdings in Cadence Design Systems were worth $946,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Missouri Trust & Investment Co purchased a new stake in Cadence Design Systems during the 3rd quarter worth about $27,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Cadence Design Systems during the third quarter valued at about $28,000. Versant Capital Management Inc boosted its position in shares of Cadence Design Systems by 164.2% in the fourth 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 during the period. Prestige Wealth Management Group LLC grew its stake in Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after acquiring an additional 60 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its holdings in Cadence Design Systems by 30.3% during the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after acquiring an additional 47 shares during the period. 84.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on CDNS shares. Loop Capital began coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company. 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 target price for the company. Robert W. Baird raised their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Needham & Company LLC cut their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Finally, Mizuho raised their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $329.50.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $17,320,940. This represents a 62.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO John M. Wall sold 4,224 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the completion of the transaction, the chief financial officer now owns 29,248 shares in the company, valued at $9,038,509.44. The trade was a 12.62 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 107,766 shares of company stock valued at $33,348,867. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $297.62 on Friday. The firm has a market cap of $81.63 billion, a price-to-earnings ratio of 78.12, a PEG ratio of 3.33 and a beta of 1.04. The company has a 50-day simple moving average of $305.30 and a two-hundred day simple moving average of $284.61. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99.

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.