Cadence Design Systems, Inc. (NASDAQ:CDNS) Holdings Trimmed by 1900 Wealth Management LLC

1900 Wealth Management LLC lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,174 shares of the software maker’s stock after selling 82 shares during the quarter. 1900 Wealth Management LLC’s holdings in Cadence Design Systems were worth $299,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of CDNS. Norges Bank bought a new position in Cadence Design Systems during the fourth quarter valued at about $1,170,209,000. GAMMA Investing LLC boosted its position in shares of Cadence Design Systems by 31,049.1% in the 1st quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker’s stock valued at $309,835,000 after purchasing an additional 1,214,330 shares during the period. Schroder Investment Management Group boosted its position in shares of Cadence Design Systems by 53.1% in the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock valued at $623,105,000 after purchasing an additional 716,041 shares during the period. FMR LLC boosted its position in shares of Cadence Design Systems by 8.7% in the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after purchasing an additional 639,146 shares during the period. Finally, Alliancebernstein L.P. boosted its position in shares of Cadence Design Systems by 12.5% in 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. Institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $285.97, for a total transaction of $185,880.50. Following the sale, the vice president now owns 107,499 shares of the company’s stock, valued at approximately $30,741,489.03. This trade represents a 0.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction that occurred 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 sale, the director now directly owns 8,010 shares in the company, valued at $2,435,040. The trade was a 2.20% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,625 shares of company stock valued at $5,670,453 in the last 90 days. 1.99% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Bank of America increased their price objective on Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Robert W. Baird increased their price objective 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. Loop Capital reduced their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Needham & Company LLC reissued a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, May 13th. Finally, Rosenblatt Securities raised their price target on Cadence Design Systems from $295.00 to $300.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 29th. One research 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. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $325.23.

Cadence Design Systems Stock Up 0.3%

Shares of CDNS stock opened at $300.81 on Tuesday. The stock’s 50 day simple moving average is $293.97 and its 200 day simple moving average is $287.08. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $328.99. The company has a market capitalization of $82.13 billion, a price-to-earnings ratio of 77.93, a PEG ratio of 3.88 and a beta of 0.98.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.07. The business 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 firm’s revenue was up 23.1% compared to the same quarter last year. During the same period last year, the business earned $1.17 EPS. As a group, research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS 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.