Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 21.3% in the first quarter, HoldingsChannel.com reports. The fund owned 26,807 shares of the software maker’s stock after selling 7,262 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Cadence Design Systems were worth $6,818,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its stake in shares of Cadence Design Systems by 80.2% during the 4th quarter. Brighton Jones LLC now owns 1,519 shares of the software maker’s stock valued at $456,000 after buying an additional 676 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new position in shares of Cadence Design Systems during the 4th quarter valued at about $9,958,000. Allworth Financial LP raised its stake in shares of Cadence Design Systems by 83.0% during the 4th quarter. Allworth Financial LP now owns 1,422 shares of the software maker’s stock valued at $457,000 after buying an additional 645 shares during the last quarter. Highview Capital Management LLC DE raised its stake in shares of Cadence Design Systems by 2.7% during the 4th quarter. Highview Capital Management LLC DE now owns 6,304 shares of the software maker’s stock valued at $1,894,000 after buying an additional 163 shares during the last quarter. Finally, D.A. Davidson & CO. raised its stake in shares of Cadence Design Systems by 77.3% during the 4th quarter. D.A. Davidson & CO. now owns 2,915 shares of the software maker’s stock valued at $876,000 after buying an additional 1,271 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the subject of a number of recent research reports. KeyCorp lifted their price objective on Cadence Design Systems from $355.00 to $375.00 and gave the company an “overweight” rating in a research note on Thursday, May 15th. Robert W. Baird lifted their price target on Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. JPMorgan Chase & Co. upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. 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. Finally, Bank of America lifted their price target on 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 analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $325.23.

Insider Transactions at Cadence Design Systems

In other news, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total transaction of $49,500.00. Following the transaction, the director now directly owns 7,411 shares in the company, valued at $2,038,025. The trade was a 2.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the transaction, the vice president now owns 108,799 shares in the company, valued at approximately $27,486,979.36. This represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,625 shares of company stock worth $5,972,453 in the last ninety days. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $295.40 on Friday. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $326.19. The stock has a 50 day moving average of $296.88 and a two-hundred day moving average of $287.01. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. The firm has a market cap of $80.66 billion, a P/E ratio of 74.78, a price-to-earnings-growth ratio of 4.11 and a beta of 0.98.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. Cadence Design Systems’s quarterly revenue was up 23.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.17 EPS. On average, analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal 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.