Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Wealthcare Advisory Partners LLC

Wealthcare Advisory Partners LLC cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 905 shares of the software maker’s stock after selling 95 shares during the period. Wealthcare Advisory Partners LLC’s holdings in Cadence Design Systems were worth $230,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. Ancora Advisors LLC increased its position in shares of Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock valued at $36,000 after acquiring an additional 112 shares during the period. Avalon Trust Co purchased a new stake in Cadence Design Systems in the fourth quarter valued at $39,000. OFI Invest Asset Management purchased a new stake in Cadence Design Systems in the fourth quarter valued at $46,000. Synergy Investment Management LLC purchased a new stake in Cadence Design Systems in the fourth quarter valued at $50,000. Finally, Center for Financial Planning Inc. purchased a new stake in Cadence Design Systems in the fourth quarter valued at $59,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Down 2.5%

CDNS stock opened at $300.00 on Friday. The company has a market cap of $81.91 billion, a P/E ratio of 77.72, a P/E/G ratio of 3.88 and a beta of 0.99. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. The company’s 50-day moving average price is $292.59 and its 200 day moving average price is $287.24. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the prior year, the firm earned $1.17 earnings per share. The company’s revenue for the quarter was up 23.1% compared to the same quarter last year. On average, research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $275.00, for a total transaction of $49,500.00. Following the sale, the director now owns 7,411 shares of the company’s stock, valued at $2,038,025. The trade was a 2.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the sale, the vice president now directly owns 108,799 shares in the company, valued at $27,486,979.36. This trade represents a 0.59% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,625 shares of company stock valued at $5,670,453. Insiders own 0.37% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Mizuho upped their price target on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a report on Tuesday, April 29th. KeyCorp increased their target price on shares of Cadence Design Systems from $355.00 to $375.00 and gave the stock an “overweight” rating in a research note on Thursday, May 15th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. Robert W. Baird increased their target price on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Finally, Loop Capital lowered their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $325.23.

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.