Bokf Na Reduces Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bokf Na trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,049 shares of the software maker’s stock after selling 3,772 shares during the period. Bokf Na’s holdings in Cadence Design Systems were worth $14,367,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Cadence Design Systems by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock valued at $7,784,674,000 after buying an additional 201,340 shares in the last quarter. Jennison Associates LLC lifted its holdings in Cadence Design Systems by 5.3% during the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock valued at $2,406,760,000 after purchasing an additional 404,076 shares in the last quarter. FMR LLC boosted its position in shares of Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock worth $2,397,266,000 after purchasing an additional 639,146 shares during the period. Geode Capital Management LLC increased its stake in shares of Cadence Design Systems by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker’s stock worth $1,806,019,000 after purchasing an additional 135,251 shares in the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of Cadence Design Systems by 12.5% during the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock valued at $1,705,469,000 after purchasing an additional 632,175 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Up 0.2 %

Shares of NASDAQ CDNS opened at $308.83 on Tuesday. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The business’s 50 day moving average is $259.41 and its two-hundred day moving average is $283.43. The stock has a market capitalization of $84.72 billion, a P/E ratio of 80.01, a PEG ratio of 3.88 and a beta of 1.14.

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CDNS shares. Robert W. Baird increased their price target on Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Rosenblatt Securities lifted their target price on Cadence Design Systems from $295.00 to $300.00 and gave the company a “neutral” rating in a research note on Tuesday, April 29th. Mizuho upped their price target on Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Needham & Company LLC reissued a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a report on Tuesday, April 29th. Finally, Bank of America raised their target price 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. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $322.54.

Insider Activity

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the sale, the director now owns 7,411 shares in the company, valued at $2,038,025. This trade represents a 2.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the transaction, the vice president now owns 58,123 shares in the company, valued at approximately $14,689,425.79. The trade was a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,840 shares of company stock valued at $1,987,941. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Company 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.