GHP Investment Advisors Inc. Sells 94 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

GHP Investment Advisors Inc. decreased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 21.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 340 shares of the software maker’s stock after selling 94 shares during the quarter. GHP Investment Advisors Inc.’s holdings in Cadence Design Systems were worth $93,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in CDNS. Cibc World Market Inc. increased its holdings in shares of Cadence Design Systems by 2.7% during the 1st quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker’s stock worth $3,541,000 after purchasing an additional 571 shares during the period. Prudential PLC bought a new stake in Cadence Design Systems in the first quarter valued at about $1,160,000. Loomis Sayles & Co. L P increased its stake in Cadence Design Systems by 1,030.1% in the first quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker’s stock valued at $457,000 after acquiring an additional 2,534 shares during the period. Zions Bancorporation N.A. increased its stake in Cadence Design Systems by 108.3% in the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after acquiring an additional 117 shares during the period. Finally, NewEdge Advisors LLC increased its stake in Cadence Design Systems by 26.8% in the first quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock valued at $2,669,000 after acquiring an additional 3,433 shares during the period. Institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 1,454 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the transaction, the chief executive officer now directly owns 136,455 shares in the company, valued at $41,468,674.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CFO John M. Wall sold 36,000 shares of the stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $277.46, for a total value of $9,988,560.00. Following the transaction, the chief financial officer now directly owns 80,594 shares in the company, valued at $22,361,611.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Anirudh Devgan sold 1,454 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $441,870.60. Following the completion of the transaction, the chief executive officer now owns 136,455 shares in the company, valued at $41,468,674.50. The disclosure for this sale can be found here. Insiders have sold 212,044 shares of company stock worth $63,106,522 over the last ninety days. Company insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CDNS. Robert W. Baird upped their target price on shares of Cadence Design Systems from $289.00 to $302.00 and gave the company an “outperform” rating in a research note on Tuesday, February 13th. Wells Fargo & Company boosted their price target on shares of Cadence Design Systems from $310.00 to $330.00 and gave the company an “overweight” rating in a research report on Tuesday, February 6th. Piper Sandler assumed coverage on shares of Cadence Design Systems in a research report on Thursday, April 4th. They issued a “neutral” rating and a $334.00 price target on the stock. Rosenblatt Securities lowered shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and boosted their price target for the company from $265.00 to $280.00 in a research report on Tuesday, February 13th. Finally, Stifel Nicolaus boosted their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $313.60.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $305.85 on Friday. Cadence Design Systems, Inc. has a 1 year low of $194.01 and a 1 year high of $327.36. The firm’s 50 day moving average is $306.47 and its 200-day moving average is $277.97. The firm has a market capitalization of $83.26 billion, a price-to-earnings ratio of 80.07, a PEG ratio of 3.77 and a beta of 1.04. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same period in the prior year, the business earned $0.75 earnings per share. Cadence Design Systems’s quarterly revenue was up 18.8% on a year-over-year basis. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.82 EPS for the current fiscal 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.