Annis Gardner Whiting Capital Advisors LLC Decreases Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Annis Gardner Whiting Capital Advisors LLC lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 75.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 317 shares of the software maker’s stock after selling 957 shares during the period. Annis Gardner Whiting Capital Advisors LLC’s holdings in Cadence Design Systems were worth $81,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Brighton Jones LLC grew its stake in shares of Cadence Design Systems by 80.2% in the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker’s stock worth $456,000 after purchasing an additional 676 shares during the last quarter. Highview Capital Management LLC DE grew its stake in shares of Cadence Design Systems by 2.7% in the fourth quarter. Highview Capital Management LLC DE now owns 6,304 shares of the software maker’s stock worth $1,894,000 after purchasing an additional 163 shares during the last quarter. Arete Wealth Advisors LLC bought a new stake in shares of Cadence Design Systems in the fourth quarter worth about $222,000. Cerity Partners LLC grew its stake in shares of Cadence Design Systems by 10.3% in the fourth quarter. Cerity Partners LLC now owns 16,798 shares of the software maker’s stock worth $4,815,000 after purchasing an additional 1,573 shares during the last quarter. Finally, APG Asset Management N.V. grew its stake in shares of Cadence Design Systems by 229.6% in the fourth quarter. APG Asset Management N.V. now owns 607,749 shares of the software maker’s stock worth $176,344,000 after purchasing an additional 423,387 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity

In related news, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $358.72, for a total value of $358,720.00. Following the completion of the transaction, the vice president directly owned 104,499 shares in the company, valued at $37,485,881.28. The trade was a 0.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the completion of the transaction, the director owned 8,010 shares of the company’s stock, valued at approximately $2,435,040. The trade was a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,698 shares of company stock worth $1,485,387. Insiders own 0.37% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on CDNS. Wall Street Zen cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Sunday, July 20th. The Goldman Sachs Group started coverage on Cadence Design Systems in a research note on Thursday, July 10th. They issued a “buy” rating and a $380.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $390.00 price objective (up from $325.00) on shares of Cadence Design Systems in a research report on Tuesday, July 29th. Loop Capital lifted their price objective on Cadence Design Systems from $370.00 to $390.00 and gave the company a “buy” rating in a research report on Tuesday, July 29th. Finally, Stifel Nicolaus lifted their price objective on Cadence Design Systems from $350.00 to $395.00 and gave the company a “buy” rating in a research report on Tuesday, July 29th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $364.33.

Cadence Design Systems Price Performance

CDNS stock opened at $360.50 on Wednesday. The firm has a 50 day moving average price of $315.17 and a 200-day moving average price of $291.58. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $376.45. The firm has a market capitalization of $98.23 billion, a price-to-earnings ratio of 97.43, a PEG ratio of 4.79 and a beta of 0.97. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.67 and a current ratio of 2.82.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same period last year, the business earned $1.28 earnings per share. The business’s revenue was up 20.2% on a year-over-year basis. Equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS 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.