Burns Matteson Capital Management LLC Has $362,000 Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Burns Matteson Capital Management LLC lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,424 shares of the software maker’s stock after selling 231 shares during the period. Burns Matteson Capital Management LLC’s holdings in Cadence Design Systems were worth $362,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Legacy Capital Wealth Partners LLC raised its position in Cadence Design Systems by 2.8% during the first quarter. Legacy Capital Wealth Partners LLC now owns 1,214 shares of the software maker’s stock worth $309,000 after acquiring an additional 33 shares in the last quarter. Accredited Investors Inc. raised its holdings in shares of Cadence Design Systems by 1.7% in the 4th quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker’s stock valued at $654,000 after purchasing an additional 36 shares during the period. Principal Street Partners LLC raised its holdings in shares of Cadence Design Systems by 2.6% in the 4th quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker’s stock valued at $437,000 after purchasing an additional 37 shares during the period. Oarsman Capital Inc. lifted its stake in Cadence Design Systems by 3.8% in the 4th quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker’s stock valued at $313,000 after purchasing an additional 38 shares during the last quarter. Finally, Greenleaf Trust grew its holdings in Cadence Design Systems by 0.7% during the first quarter. Greenleaf Trust now owns 5,802 shares of the software maker’s stock worth $1,476,000 after purchasing an additional 39 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $314.58 on Thursday. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $330.09. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. The firm’s 50-day simple moving average is $308.36 and its 200 day simple moving average is $287.75. The firm has a market cap of $85.89 billion, a price-to-earnings ratio of 79.64, a P/E/G ratio of 4.41 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. 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 business posted $1.17 EPS. The business’s revenue was up 23.1% compared to the same quarter last year. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $306.35, for a total transaction of $306,350.00. Following the completion of the sale, the vice president owned 105,499 shares of the company’s stock, valued at $32,319,618.65. This represents a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Paul Scannell sold 4,710 shares of the firm’s stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the completion of the transaction, the vice president directly owned 28,442 shares in the company, valued at approximately $8,532,600. This represents a 14.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,975 shares of company stock worth $6,114,587 in the last quarter. 1.99% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports 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 report on Friday, May 16th. Oppenheimer dropped their price target on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 19th. Wall Street Zen raised Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Saturday, July 12th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Finally, The Goldman Sachs Group initiated coverage on shares of Cadence Design Systems in a research report on Thursday, July 10th. They issued a “buy” rating and a $380.00 price objective on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $330.07.

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.