Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Catalyst Capital Advisors LLC

Catalyst Capital Advisors LLC decreased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 25.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 159 shares of the software maker’s stock after selling 55 shares during the period. Catalyst Capital Advisors LLC’s holdings in Cadence Design Systems were worth $33,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. BlackRock Inc. increased its stake in Cadence Design Systems by 0.3% during the 1st quarter. BlackRock Inc. now owns 32,714,012 shares of the software maker’s stock valued at $6,872,887,000 after buying an additional 82,799 shares during the period. FMR LLC grew its stake in shares of Cadence Design Systems by 1.4% in the 1st quarter. FMR LLC now owns 9,997,043 shares of the software maker’s stock worth $2,100,279,000 after purchasing an additional 136,739 shares during the last quarter. Jennison Associates LLC grew its stake in shares of Cadence Design Systems by 366.0% in the 1st quarter. Jennison Associates LLC now owns 4,845,286 shares of the software maker’s stock worth $1,017,946,000 after purchasing an additional 3,805,627 shares during the last quarter. Norges Bank acquired a new position in shares of Cadence Design Systems in the 4th quarter worth approximately $770,945,000. Finally, Franklin Resources Inc. grew its stake in shares of Cadence Design Systems by 8.7% in the 1st quarter. Franklin Resources Inc. now owns 3,035,719 shares of the software maker’s stock worth $637,774,000 after purchasing an additional 242,958 shares during the last quarter. Institutional investors and hedge funds own 83.95% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $253.00 to $257.00 in a research note on Tuesday, July 25th. Bank of America raised their target price on shares of Cadence Design Systems from $280.00 to $285.00 and gave the stock a “buy” rating in a report on Tuesday, July 25th. Needham & Company LLC reiterated a “buy” rating and issued a $235.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 25th. Stifel Nicolaus upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and raised their target price for the stock from $210.00 to $300.00 in a report on Thursday, July 20th. Finally, KeyCorp raised their price target on shares of Cadence Design Systems from $265.00 to $270.00 and gave the stock an “overweight” rating in a report on Tuesday, July 25th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $255.22.

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,523 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $233.97, for a total value of $356,336.31. Following the completion of the sale, the chief executive officer now directly owns 144,944 shares of the company’s stock, valued at $33,912,547.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Anirudh Devgan sold 1,523 shares of the company’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $233.97, for a total transaction of $356,336.31. Following the completion of the sale, the chief executive officer now directly owns 144,944 shares of the company’s stock, valued at approximately $33,912,547.68. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Aneel Zaman sold 271 shares of the company’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $227.85, for a total transaction of $61,747.35. Following the sale, the vice president now directly owns 68,471 shares of the company’s stock, valued at $15,601,117.35. The disclosure for this sale can be found here. Insiders sold 79,369 shares of company stock valued at $18,383,272 over the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

CDNS stock opened at $237.99 on Monday. The company has a quick ratio of 1.26, a current ratio of 1.37 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $64.68 billion, a price-to-earnings ratio of 73.00, a P/E/G ratio of 3.22 and a beta of 1.03. Cadence Design Systems, Inc. has a 12 month low of $138.76 and a 12 month high of $248.16. The firm has a 50 day moving average of $234.01 and a two-hundred day moving average of $220.33.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 24th. The software maker reported $1.22 EPS for the quarter, topping the consensus estimate of $1.18 by $0.04. The company had revenue of $977.00 million during the quarter, compared to the consensus estimate of $975.99 million. Cadence Design Systems had a net margin of 23.41% and a return on equity of 33.79%. The company’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.85 earnings per share. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.1 EPS for the current fiscal year.

About Cadence Design Systems

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.