Comerica Bank Sells 3,536 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Comerica Bank lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 4.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 73,309 shares of the software maker's stock after selling 3,536 shares during the period. Comerica Bank's holdings in Cadence Design Systems were worth $22,027,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Golden State Wealth Management LLC bought a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $28,000. Avalon Trust Co bought a new stake in shares of Cadence Design Systems during the 4th quarter worth $39,000. Versant Capital Management Inc boosted its stake in Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock valued at $42,000 after buying an additional 87 shares in the last quarter. OFI Invest Asset Management acquired a new position in Cadence Design Systems during the fourth quarter worth about $46,000. Finally, Synergy Investment Management LLC bought a new position in shares of Cadence Design Systems in the fourth quarter worth about $50,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Insider Activity

In related news, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction 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 completion of the sale, the director now owns 7,411 shares in the company, valued at approximately $2,038,025. This represents a 2.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Paul Scannell sold 4,710 shares of the firm's stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total value of $1,413,000.00. Following the transaction, the vice president now owns 28,442 shares in the company, valued at approximately $8,532,600. This trade represents a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,190 shares of company stock worth $1,790,991 over the last three months. 1.99% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Bank of America increased their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $300.00 to $325.00 in a report on Thursday, April 24th. Needham & Company LLC reissued a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a research report on Tuesday, April 29th. Oppenheimer reduced their price objective on shares of 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. Finally, Loop Capital lowered their target price on shares of 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. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $322.54.

Cadence Design Systems Stock Up 0.3 %

Cadence Design Systems stock traded up $0.85 during midday trading on Monday, reaching $309.00. The stock had a trading volume of 1,379,525 shares, compared to its average volume of 1,955,072. The company has a fifty day moving average price of $258.32 and a two-hundred day moving average price of $283.08. The company has a market capitalization of $84.76 billion, a P/E ratio of 80.05, a PEG ratio of 3.88 and a beta of 1.14. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the prior year, the firm earned $1.17 earnings per share. Cadence Design Systems's revenue for the quarter was up 23.1% on a year-over-year basis. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Cadence Design Systems 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.