Cadence Design Systems, Inc. (NASDAQ:CDNS) Holdings Lowered by Focus Partners Advisor Solutions LLC

Focus Partners Advisor Solutions LLC trimmed its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 54.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,759 shares of the software maker’s stock after selling 2,077 shares during the quarter. Focus Partners Advisor Solutions LLC’s holdings in Cadence Design Systems were worth $529,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $28,000. Ancora Advisors LLC raised its holdings 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 worth $36,000 after purchasing an additional 112 shares in the last quarter. Avalon Trust Co bought a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $39,000. OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $46,000. Finally, Synergy Investment Management LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $50,000. 84.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on CDNS. Bank of America boosted their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Loop Capital lowered their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. KeyCorp boosted 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 report on Thursday, May 15th. Mizuho boosted their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $325.23.

Cadence Design Systems Trading Down 0.4%

Shares of Cadence Design Systems stock opened at $315.51 on Friday. The company’s fifty day moving average price is $279.22 and its two-hundred day moving average price is $287.66. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99. The firm has a market capitalization of $86.15 billion, a PE ratio of 81.74, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the firm earned $1.17 EPS. The company’s revenue was up 23.1% on a year-over-year basis. On average, analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, Director James D. Plummer sold 868 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the transaction, the director now directly owns 23,996 shares in the company, valued at approximately $7,677,520.20. This represents a 3.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $275.00, for a total transaction of $49,500.00. Following the transaction, the director now owns 7,411 shares in the company, valued at approximately $2,038,025. The trade was a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,445 shares of company stock valued at $5,594,127 in the last 90 days. 1.99% of the stock is currently owned by 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.