Everhart Financial Group Inc. Has $979,000 Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Everhart Financial Group Inc. cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.2% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 3,848 shares of the software maker’s stock after selling 88 shares during the quarter. Everhart Financial Group Inc.’s holdings in Cadence Design Systems were worth $979,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of CDNS. Ancora Advisors LLC raised 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 worth $36,000 after acquiring an additional 112 shares in the last quarter. Avalon Trust Co bought a new stake in Cadence Design Systems in the fourth quarter worth approximately $39,000. OFI Invest Asset Management acquired a new position in shares of Cadence Design Systems during the 4th quarter valued at $46,000. Synergy Investment Management LLC bought a new position in Cadence Design Systems during the fourth quarter worth $50,000. Finally, Center for Financial Planning Inc. bought a new stake in Cadence Design Systems in the fourth quarter valued at $59,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $307.85 on Friday. The company has a market cap of $84.06 billion, a PE ratio of 79.75, a price-to-earnings-growth ratio of 3.88 and a beta of 0.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm’s 50-day simple moving average is $291.22 and its two-hundred day simple moving average is $287.43. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99.

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

Insiders Place Their Bets

In other news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the transaction, the director now directly owns 8,010 shares in the company, valued at approximately $2,435,040. The trade was a 2.20% 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 stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the sale, the chief executive officer now directly owns 209,548 shares in the company, valued at $64,959,880. This trade represents a 4.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,625 shares of company stock worth $5,670,453 over the last 90 days. Corporate insiders own 0.37% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. KeyCorp upped their price target on Cadence Design Systems from $355.00 to $375.00 and gave the stock an “overweight” rating in a research note on Thursday, May 15th. Mizuho lifted their price target on Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. Bank of America lifted their price objective 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. Oppenheimer decreased their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research note on Wednesday, March 19th. Finally, Piper Sandler raised their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. One equities 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 stock currently has an average rating of “Moderate Buy” and a consensus 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.