Flagship Harbor Advisors LLC Trims Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Flagship Harbor Advisors LLC trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 823 shares of the software maker’s stock after selling 67 shares during the period. Flagship Harbor Advisors LLC’s holdings in Cadence Design Systems were worth $209,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC grew its position in shares of Cadence Design Systems by 80.2% during the 4th quarter. Brighton Jones LLC now owns 1,519 shares of the software maker’s stock worth $456,000 after buying an additional 676 shares in the last quarter. Highview Capital Management LLC DE grew its holdings in Cadence Design Systems by 2.7% during the 4th quarter. Highview Capital Management LLC DE now owns 6,304 shares of the software maker’s stock worth $1,894,000 after acquiring an additional 163 shares in the last quarter. Crestwood Advisors Group LLC bought a new position in Cadence Design Systems during the 4th quarter worth about $227,000. Lake Street Advisors Group LLC increased its position in Cadence Design Systems by 3.6% during the 4th quarter. Lake Street Advisors Group LLC now owns 2,655 shares of the software maker’s stock valued at $798,000 after purchasing an additional 93 shares during the period. Finally, Oregon Public Employees Retirement Fund raised its holdings in shares of Cadence Design Systems by 0.4% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 23,492 shares of the software maker’s stock valued at $7,058,000 after purchasing an additional 86 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CDNS. Bank of America increased their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. Mizuho increased their target price on Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Wells Fargo & Company raised their price objective on Cadence Design Systems from $350.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a research note on Tuesday, May 13th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $325.23.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, April 1st. The shares were 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the completion of the sale, 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. Over the last ninety days, insiders sold 19,625 shares of company stock worth $5,972,453. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $303.69 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. The company has a market cap of $82.92 billion, a PE ratio of 76.88, a P/E/G ratio of 4.12 and a beta of 0.98. The business has a 50-day simple moving average of $299.82 and a two-hundred day simple moving average of $286.64. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $326.19.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating the consensus estimate of $1.50 by $0.07. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. Cadence Design Systems’s revenue was up 23.1% on a year-over-year basis. During the same period last year, the firm posted $1.17 EPS. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 5.41 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.