Cambridge Investment Research Advisors Inc. Decreases Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cambridge Investment Research Advisors Inc. trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 13.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,020 shares of the software maker’s stock after selling 3,532 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Cadence Design Systems were worth $5,855,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Ancora Advisors LLC grew its stake in shares of Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock worth $36,000 after acquiring an additional 112 shares during the last quarter. Avalon Trust Co purchased a new stake in Cadence Design Systems during the 4th quarter worth approximately $39,000. OFI Invest Asset Management acquired a new position in Cadence Design Systems during the 4th quarter valued at approximately $46,000. Synergy Investment Management LLC acquired a new position in Cadence Design Systems during the 4th quarter valued at approximately $50,000. Finally, Intact Investment Management Inc. purchased a new position in shares of Cadence Design Systems in the fourth quarter worth $60,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CDNS shares. KeyCorp upped their target price on Cadence Design Systems from $355.00 to $375.00 and gave the company an “overweight” rating in a research report on Thursday, May 15th. Rosenblatt Securities increased their price objective on Cadence Design Systems from $295.00 to $300.00 and gave the company a “neutral” rating in a report on Tuesday, April 29th. Wells Fargo & Company raised their price objective on Cadence Design Systems from $350.00 to $365.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a report on Tuesday, May 13th. Finally, Robert W. Baird raised their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $325.23.

Cadence Design Systems Stock Up 2.1%

CDNS opened at $303.69 on Friday. The company has a fifty day moving average of $299.82 and a two-hundred day moving average of $286.64. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $326.19. The stock has a market capitalization of $82.92 billion, a price-to-earnings ratio of 76.88, a PEG ratio of 4.12 and a beta of 0.98.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter in the prior year, the firm posted $1.17 EPS. Cadence Design Systems’s quarterly revenue 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 year.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 108,799 shares in the company, valued at approximately $27,486,979.36. The trade was a 0.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of the firm’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the transaction, the chief executive officer now owns 209,548 shares in the company, valued at $64,959,880. The trade was a 4.87% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,625 shares of company stock valued at $5,972,453. 1.99% of the stock is owned by corporate insiders.

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.