CoreCap Advisors LLC Cuts Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

CoreCap Advisors LLC trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 75.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 499 shares of the software maker's stock after selling 1,555 shares during the quarter. CoreCap Advisors LLC's holdings in Cadence Design Systems were worth $150,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of CDNS. Golden State Wealth Management LLC purchased a new stake in shares of Cadence Design Systems during the 4th quarter valued at approximately $28,000. Ancora Advisors LLC lifted its stake in shares of Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after buying an additional 112 shares in the last quarter. Avalon Trust Co purchased a new stake in shares of Cadence Design Systems during the 4th quarter valued at approximately $39,000. OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems during the 4th quarter valued at approximately $46,000. Finally, Synergy Investment Management LLC purchased a new stake in shares of Cadence Design Systems during the 4th quarter valued at approximately $50,000. 84.85% of the stock is owned by institutional investors.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the transaction, the chief executive officer now directly owns 209,548 shares in the company, valued at $64,959,880. This represents a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $303.00, for a total transaction of $196,950.00. Following the completion of the transaction, the vice president now directly owns 108,149 shares in the company, valued at $32,769,147. This trade represents a 0.60% decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,577 shares of company stock worth $5,316,411 over the last three months. 1.99% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CDNS. Rosenblatt Securities upped their price target on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research note on Tuesday, April 29th. Bank of America increased their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock 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 increased their target price for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. Mizuho raised their price objective on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. Finally, StockNews.com lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Cadence Design Systems has an average rating of "Moderate Buy" and an average price target of $325.23.

Cadence Design Systems Stock Up 0.9%

NASDAQ CDNS traded up $2.79 during trading hours on Friday, reaching $321.56. 1,574,219 shares of the company's stock traded hands, compared to its average volume of 1,977,456. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99. The firm has a market cap of $87.80 billion, a PE ratio of 83.31, a PEG ratio of 3.88 and a beta of 1.04. The firm has a 50-day simple moving average of $272.16 and a 200 day simple moving average of $286.60. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

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

About Cadence Design Systems

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.