Cooper Financial Group Decreases Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cooper Financial Group trimmed its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,418 shares of the software maker’s stock after selling 112 shares during the period. Cooper Financial Group’s holdings in Cadence Design Systems were worth $869,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in CDNS. Smallwood Wealth Investment Management LLC purchased a new position in shares of Cadence Design Systems during the first quarter valued at approximately $25,000. Costello Asset Management INC purchased a new position in shares of Cadence Design Systems during the first quarter valued at approximately $25,000. Valley National Advisers Inc. raised its holdings in shares of Cadence Design Systems by 707.1% during the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker’s stock valued at $28,000 after purchasing an additional 99 shares during the last quarter. Ancora Advisors LLC raised its holdings in shares of Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock valued at $36,000 after purchasing an additional 112 shares during the last quarter. Finally, Meeder Asset Management Inc. raised its holdings in shares of Cadence Design Systems by 36.5% during the first quarter. Meeder Asset Management Inc. now owns 172 shares of the software maker’s stock valued at $44,000 after purchasing an additional 46 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on CDNS shares. Wells Fargo & Company upped their target price on shares of Cadence Design Systems from $365.00 to $405.00 and gave the company an “overweight” rating in a report on Tuesday, July 29th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $300.00 target price on shares of Cadence Design Systems in a report on Friday, July 25th. Wall Street Zen cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Sunday, July 20th. JPMorgan Chase & Co. upped their target price on shares of Cadence Design Systems from $330.00 to $390.00 and gave the company an “overweight” rating in a report on Tuesday, July 29th. Finally, Bank of America upped their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $364.33.

Cadence Design Systems Price Performance

CDNS stock opened at $352.06 on Monday. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $376.45. The company’s fifty day moving average price is $319.34 and its 200-day moving average price is $292.24. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.67 and a current ratio of 2.82. The company has a market capitalization of $95.93 billion, a PE ratio of 95.15, a price-to-earnings-growth ratio of 4.62 and a beta of 0.97.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the previous year, the firm earned $1.28 earnings per share. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the sale, the director owned 8,010 shares of the company’s stock, valued at $2,435,040. This represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $358.72, for a total transaction of $358,720.00. Following the sale, the vice president directly owned 104,499 shares in the company, valued at approximately $37,485,881.28. The trade was a 0.95% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,698 shares of company stock valued at $1,485,387. 0.37% of the stock is currently owned by corporate insiders.

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.