Integrated Advisors Network LLC Has $585,000 Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Integrated Advisors Network LLC trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 32.5% during the first quarter, Holdings Channel reports. The firm owned 2,300 shares of the software maker’s stock after selling 1,106 shares during the quarter. Integrated Advisors Network LLC’s holdings in Cadence Design Systems were worth $585,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in CDNS. Accredited Investors Inc. lifted its holdings in Cadence Design Systems by 1.7% during the 4th quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker’s stock worth $654,000 after purchasing an additional 36 shares during the last quarter. Principal Street Partners LLC lifted its stake in shares of Cadence Design Systems by 2.6% in the fourth quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker’s stock worth $437,000 after acquiring an additional 37 shares during the period. Lindbrook Capital LLC grew its stake in Cadence Design Systems by 1.7% during the fourth quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock worth $670,000 after purchasing an additional 38 shares during the period. Oarsman Capital Inc. boosted its position in shares of Cadence Design Systems by 3.8% during the 4th quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker’s stock worth $313,000 after purchasing an additional 38 shares in the last quarter. Finally, Empower Advisory Group LLC raised its position in shares of Cadence Design Systems by 4.9% during the fourth quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock worth $263,000 after purchasing an additional 41 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CDNS. 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 note on Friday, May 16th. KeyCorp upped their price target 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. Bank of America lifted 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. Robert W. Baird upped their price target on Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and increased their price objective 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 issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $325.23.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the transaction, the director now owns 8,010 shares in the company, valued at approximately $2,435,040. This represents a 2.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 10,737 shares of the firm’s stock in a transaction that occurred 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. This represents a 4.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,625 shares of company stock valued at $5,670,453 in the last quarter. 0.37% of the stock is owned by insiders.

Cadence Design Systems Stock Down 2.5%

NASDAQ CDNS opened at $300.00 on Friday. The business’s 50-day moving average is $292.59 and its 200 day moving average is $287.36. The stock has a market capitalization of $81.91 billion, a PE ratio of 77.72, a PEG ratio of 3.88 and a beta of 0.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its 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. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter last year, the business posted $1.17 EPS. The firm’s revenue for the quarter was up 23.1% compared to the same quarter last year. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.